AppLovin Corporation $APP Holdings Boosted by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP grew its stake in shares of AppLovin Corporation (NASDAQ:APP) by 391.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,475 shares of the company’s stock after purchasing an additional 66,473 shares during the quarter. AppLovin makes up 1.4% of Baker Avenue Asset Management LP’s portfolio, making the stock its 17th largest holding. Baker Avenue Asset Management LP’s holdings in AppLovin were worth $59,980,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in AppLovin by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company’s stock worth $6,267,410,000 after buying an additional 72,120 shares during the last quarter. State Street Corp lifted its stake in AppLovin by 2.4% in the second quarter. State Street Corp now owns 5,615,415 shares of the company’s stock valued at $1,965,844,000 after buying an additional 133,402 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of AppLovin by 55.2% during the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after acquiring an additional 1,381,970 shares during the period. Norges Bank bought a new position in shares of AppLovin during the second quarter worth about $951,541,000. Finally, Rakuten Investment Management Inc. acquired a new stake in shares of AppLovin in the 3rd quarter worth about $1,456,108,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Bank of America lifted their price objective on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Phillip Securities raised AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Zacks Research raised AppLovin from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. Weiss Ratings cut AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Finally, Wedbush boosted their price target on AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $706.76.

AppLovin Stock Performance

APP opened at $524.41 on Friday. The business has a 50 day moving average price of $634.79 and a two-hundred day moving average price of $559.34. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25. The company has a market capitalization of $177.22 billion, a price-to-earnings ratio of 63.64, a price-to-earnings-growth ratio of 1.72 and a beta of 2.50. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company’s quarterly revenue was up 68.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.29 EPS. Research analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 4,069 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $497.50, for a total value of $2,024,327.50. Following the completion of the sale, the chief executive officer directly owned 2,998,948 shares of the company’s stock, valued at approximately $1,491,976,630. This represents a 0.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dawson Alyssa Harvey sold 150 shares of AppLovin stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $693.32, for a total transaction of $103,998.00. Following the completion of the transaction, the director directly owned 2,829 shares in the company, valued at $1,961,402.28. This represents a 5.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 340,336 shares of company stock valued at $200,062,623 in the last ninety days. 13.66% of the stock is owned by insiders.

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.