Jennison Associates LLC Lowers Stock Holdings in AppLovin Corporation $APP

Jennison Associates LLC lowered its stake in AppLovin Corporation (NASDAQ:APP) by 15.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,300,905 shares of the company’s stock after selling 436,119 shares during the period. Jennison Associates LLC owned approximately 0.68% of AppLovin worth $915,760,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. IMA Advisory Services Inc. lifted its holdings in shares of AppLovin by 40.0% during the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company’s stock worth $33,000 after purchasing an additional 24 shares during the period. California Public Employees Retirement System increased its stake in AppLovin by 5.2% in the 1st quarter. California Public Employees Retirement System now owns 488,574 shares of the company’s stock valued at $194,452,000 after buying an additional 24,004 shares during the period. Kesler Norman & Wride LLC raised its position in AppLovin by 7.7% during the 1st quarter. Kesler Norman & Wride LLC now owns 2,827 shares of the company’s stock worth $1,125,000 after buying an additional 203 shares during the last quarter. Gallacher Capital Management LLC purchased a new position in AppLovin during the 1st quarter worth $221,000. Finally, Angeles Wealth Management LLC raised its position in AppLovin by 32.9% during the 1st quarter. Angeles Wealth Management LLC now owns 852 shares of the company’s stock worth $339,000 after buying an additional 211 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 393,000 shares of company stock worth $197,297,363 over the last quarter. Corporate insiders own 13.66% of the company’s stock.

AppLovin Price Performance

AppLovin stock opened at $424.54 on Friday. AppLovin Corporation has a 1 year low of $343.00 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The firm has a 50 day moving average price of $506.01 and a 200 day moving average price of $489.19. The company has a market cap of $142.62 billion, a price-to-earnings ratio of 36.47, a PEG ratio of 0.69 and a beta of 2.49.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on APP. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Benchmark restated a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Wells Fargo & Company lifted their price objective on AppLovin from $571.00 to $575.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. BTIG Research reiterated a “buy” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Profile

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.