Allspring Global Investments Holdings LLC Acquires 101,966 Shares of AppLovin Co. (NASDAQ:APP)

Allspring Global Investments Holdings LLC grew its holdings in AppLovin Co. (NASDAQ:APP) by 486.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 122,936 shares of the company’s stock after acquiring an additional 101,966 shares during the period. Allspring Global Investments Holdings LLC’s holdings in AppLovin were worth $4,899,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of APP. JPMorgan Chase & Co. boosted its holdings in shares of AppLovin by 99.0% during the 1st quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock worth $54,000 after buying an additional 488 shares during the period. Raymond James & Associates boosted its holdings in shares of AppLovin by 109.0% during the 1st quarter. Raymond James & Associates now owns 57,743 shares of the company’s stock worth $3,180,000 after buying an additional 30,112 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of AppLovin by 21.6% during the 1st quarter. Bank of New York Mellon Corp now owns 39,124 shares of the company’s stock worth $2,155,000 after buying an additional 6,942 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of AppLovin by 43.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,425 shares of the company’s stock worth $519,000 after buying an additional 2,858 shares during the period. Finally, Citigroup Inc. boosted its holdings in shares of AppLovin by 802.0% during the 1st quarter. Citigroup Inc. now owns 22,749 shares of the company’s stock worth $1,253,000 after buying an additional 20,227 shares during the period. 41.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

APP has been the subject of several research analyst reports. UBS Group upped their target price on shares of AppLovin from $46.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, February 15th. BTIG Research upped their target price on shares of AppLovin from $65.00 to $87.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. The Goldman Sachs Group upped their target price on shares of AppLovin from $59.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. TheStreet upgraded shares of AppLovin from a “d+” rating to a “c-” rating in a research note on Friday, March 8th. Finally, Oppenheimer upped their target price on shares of AppLovin from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.31.

AppLovin Stock Down 3.0 %

Shares of NASDAQ:APP opened at $66.80 on Friday. AppLovin Co. has a 12 month low of $15.41 and a 12 month high of $79.55. The company’s 50-day moving average price is $65.26 and its two-hundred day moving average price is $48.92. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The firm has a market cap of $22.85 billion, a P/E ratio of 66.80, a P/E/G ratio of 1.43 and a beta of 1.90.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm had revenue of $953.26 million for the quarter, compared to analyst estimates of $928.66 million. During the same quarter in the prior year, the firm earned ($0.21) EPS. The company’s revenue was up 35.7% on a year-over-year basis. As a group, research analysts forecast that AppLovin Co. will post 2.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, CFO Matthew Stumpf sold 2,775 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the sale, the chief financial officer now owns 362,264 shares of the company’s stock, valued at approximately $22,931,311.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Victoria Valenzuela sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $75.01, for a total value of $3,750,500.00. Following the transaction, the insider now owns 471,560 shares of the company’s stock, valued at approximately $35,371,715.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 2,775 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of the transaction, the chief financial officer now directly owns 362,264 shares in the company, valued at approximately $22,931,311.20. The disclosure for this sale can be found here. Insiders have sold a total of 61,215 shares of company stock valued at $4,416,815 in the last 90 days. 12.43% of the stock is currently owned by insiders.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.