Allspring Global Investments Holdings LLC Acquires 52,021 Shares of AppLovin Corporation $APP

Allspring Global Investments Holdings LLC increased its stake in shares of AppLovin Corporation (NASDAQ:APP) by 29.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,692 shares of the company’s stock after buying an additional 52,021 shares during the period. Allspring Global Investments Holdings LLC’s holdings in AppLovin were worth $163,132,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Revolve Wealth Partners LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $294,000. Bison Wealth LLC acquired a new position in AppLovin during the 4th quarter worth $239,000. Quarry LP boosted its position in AppLovin by 33.9% in the 1st quarter. Quarry LP now owns 371 shares of the company’s stock valued at $98,000 after buying an additional 94 shares during the last quarter. Graham Capital Management L.P. increased its stake in shares of AppLovin by 5.3% in the 1st quarter. Graham Capital Management L.P. now owns 8,228 shares of the company’s stock valued at $2,180,000 after buying an additional 417 shares during the period. Finally, Focus Partners Advisor Solutions LLC raised its position in shares of AppLovin by 6.1% during the first quarter. Focus Partners Advisor Solutions LLC now owns 2,187 shares of the company’s stock worth $580,000 after acquiring an additional 125 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 4,069 shares of the business’s stock in a transaction on 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 sale, the chief executive officer owned 2,998,948 shares of the company’s stock, valued at $1,491,976,630. The trade was a 0.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 150 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were 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 of the company’s stock, valued at approximately $1,961,402.28. This trade represents a 5.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 340,336 shares of company stock valued at $200,062,623 over the last ninety days. 13.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

APP has been the topic of several recent research reports. Phillip Securities upgraded AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Citigroup cut their target price on shares of AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Wells Fargo & Company boosted their price target on shares of AppLovin from $633.00 to $721.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Finally, The Goldman Sachs Group raised their price objective on shares of AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Nineteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $695.90.

AppLovin Stock Performance

Shares of AppLovin stock opened at $693.43 on Wednesday. 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 firm has a market cap of $234.35 billion, a price-to-earnings ratio of 84.15, a price-to-earnings-growth ratio of 3.75 and a beta of 2.51. The stock’s 50-day moving average is $635.40 and its 200-day moving average is $528.84. AppLovin Corporation has a one year low of $200.50 and a one year high of $745.61.

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

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.