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

Allspring Global Investments Holdings LLC lifted its position in shares of AppLovin Co. (NASDAQ:APP) by 486.2% in the fourth quarter, Holdings Channel reports. 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 filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quantbot Technologies LP lifted its holdings in shares of AppLovin by 143.1% during the third quarter. Quantbot Technologies LP now owns 116,917 shares of the company’s stock worth $4,672,000 after buying an additional 68,822 shares in the last quarter. Ameriprise Financial Inc. raised its stake in AppLovin by 4,805.9% in the third quarter. Ameriprise Financial Inc. now owns 1,402,657 shares of the company’s stock valued at $56,050,000 after purchasing an additional 1,374,066 shares in the last quarter. Black Swift Group LLC acquired a new position in AppLovin in the third quarter valued at about $999,000. Vanguard Group Inc. raised its stake in AppLovin by 8.5% in the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock valued at $723,245,000 after purchasing an additional 1,411,453 shares in the last quarter. Finally, Scout Investments Inc. raised its stake in AppLovin by 83.2% in the third quarter. Scout Investments Inc. now owns 923,361 shares of the company’s stock valued at $37,692,000 after purchasing an additional 419,221 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wedbush boosted their price target on AppLovin from $67.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Daiwa Capital Markets assumed coverage on AppLovin in a research note on Monday, April 15th. They issued a “neutral” rating and a $80.00 price target for the company. TheStreet raised AppLovin from a “d+” rating to a “c-” rating in a research note on Friday, March 8th. Oppenheimer boosted their price target on AppLovin from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, April 8th. Finally, The Goldman Sachs Group boosted their target price on AppLovin from $59.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.31.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 2,890 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the sale, the insider now directly owns 546,560 shares in the company, valued at $31,569,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Victoria Valenzuela sold 2,890 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the sale, the insider now directly owns 546,560 shares in the company, valued at $31,569,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Craig Scott Billings sold 5,550 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total value of $323,731.50. Following the completion of the sale, the director now owns 12,739 shares in the company, valued at $743,065.87. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock worth $4,416,815 over the last ninety days. Insiders own 12.43% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $66.80 on Friday. The stock has a market cap of $22.85 billion, a P/E ratio of 66.80, a price-to-earnings-growth ratio of 1.43 and a beta of 1.90. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 2.31. The stock’s 50-day moving average is $65.26 and its 200-day moving average is $48.92. AppLovin Co. has a 1-year low of $15.41 and a 1-year high of $79.55.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.14. The company had revenue of $953.26 million for the quarter, compared to analysts’ expectations of $928.66 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The business’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share. Equities research analysts anticipate that AppLovin Co. will post 2.47 earnings per share for the current year.

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.