Norden Group LLC Increases Holdings in AppLovin Corporation (NASDAQ:APP)

Norden Group LLC boosted its position in shares of AppLovin Corporation (NASDAQ:APP) by 42.2% during the 1st quarter, HoldingsChannel reports. The firm owned 1,725 shares of the company’s stock after buying an additional 512 shares during the period. Norden Group LLC’s holdings in AppLovin were worth $457,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. FMR LLC lifted its position in AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company’s stock valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. Dynasty Wealth Management LLC increased its position in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock worth $716,133,000 after purchasing an additional 2,700,399 shares in the last quarter. Capital World Investors purchased a new stake in shares of AppLovin during the 4th quarter valued at $421,470,000. Invesco Ltd. boosted its position in shares of AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock worth $977,639,000 after purchasing an additional 1,222,074 shares in the last quarter. Finally, Baillie Gifford & Co. grew its stake in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after buying an additional 1,185,859 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on APP. Citigroup reissued a “buy” rating on shares of AppLovin in a report on Thursday, May 29th. Morgan Stanley boosted their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $355.00 to $400.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 3rd. Piper Sandler restated an “overweight” rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. Finally, BTIG Research lifted their target price on AppLovin from $480.00 to $483.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $447.57.

Insider Transactions at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the transaction, the director owned 221,209 shares in the company, valued at $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the sale, the chief executive officer owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. Insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $361.63 on Wednesday. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The stock has a market cap of $122.37 billion, a price-to-earnings ratio of 65.28, a price-to-earnings-growth ratio of 2.21 and a beta of 2.42. The firm has a 50 day simple moving average of $362.07 and a 200-day simple moving average of $336.42.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company earned $0.67 earnings per share. The firm’s quarterly revenue was up 40.3% compared to the same quarter last year. On average, analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

About AppLovin

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.