AppLovin Corporation $APP Holdings Trimmed by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in shares of AppLovin Corporation (NASDAQ:APP) by 15.6% during the first quarter, Holdings Channel.com reports. The fund owned 152,282 shares of the company’s stock after selling 28,235 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in AppLovin were worth $60,608,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Calamos Advisors LLC lifted its position in shares of AppLovin by 73.3% during the 4th quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock valued at $32,840,000 after acquiring an additional 20,609 shares during the last quarter. Capricorn Fund Managers Ltd acquired a new position in shares of AppLovin in the 4th quarter worth $4,043,000. Dara Capital US Inc. acquired a new stake in shares of AppLovin during the fourth quarter worth $1,747,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of AppLovin by 12.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 195,265 shares of the company’s stock worth $131,573,000 after purchasing an additional 21,427 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of AppLovin by 97.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 43,988 shares of the company’s stock valued at $29,640,000 after purchasing an additional 21,694 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Wedbush expects AppLovin to report second-quarter results above its own guidance, supported by continued strength in the company’s core advertising business. The firm also expects consumer-growth initiatives to take longer to develop, but views the underlying business momentum favorably. AppLovin Q2 Results Poised to Top Guidance, Consumer Growth Expected to Take Time, Wedbush Says
• Positive Sentiment: A bullish analysis argues that the market may be underestimating AppLovin’s fundamental strength. Potential upside drivers include a longer-than-expected gaming growth runway, expansion into additional verticals, and longer-term opportunities such as video streaming. AppLovin: The Market Continues To Underestimate Fundamental Strength
• Neutral Sentiment: AppLovin is scheduled to report earnings next week, with Wall Street expecting year-over-year earnings growth. The preview provides a potential catalyst, but the available analysis says the company lacks the typical combination of factors that would support a likely earnings beat, leaving expectations and guidance especially important. AppLovin Reports Next Week: Wall Street Expects Earnings Growth
• Neutral Sentiment: The stock recently outperformed the broader market during one trading session, indicating intermittent buying interest, although that short-term strength has not reversed the broader period of weakness. AppLovin Outpaces Stock Market Gains: What You Should Know
• Negative Sentiment: Pomerantz LLP is investigating potential claims on behalf of AppLovin investors. Although the announcement does not establish wrongdoing, the legal inquiry adds headline, litigation and reputational risk to the stock. Investor Alert: Pomerantz Law Firm Investigates Claims on Behalf of Investors of AppLovin

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 23rd. UBS Group reduced their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, Wedbush reissued an “outperform” rating and issued a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $668.45.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares of the company’s stock, valued at $1,545,173,366.38. The trade was a 1.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 393,000 shares of company stock worth $197,297,363. Company insiders own 12.81% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $399.46 on Thursday. The stock has a market cap of $134.19 billion, a PE ratio of 34.32, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The business has a fifty day simple moving average of $494.55 and a 200-day simple moving average of $474.53. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 12 month low of $358.55 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.67 earnings per share. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.