APG Asset Management N.V. Acquires Shares of 6,900 AppLovin Corporation $APP

APG Asset Management N.V. bought a new position in AppLovin Corporation (NASDAQ:APP) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 6,900 shares of the company’s stock, valued at approximately $4,958,000.

A number of other large investors have also recently modified their holdings of APP. Vanguard Group Inc. lifted its holdings in AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after buying an additional 7,051,663 shares during the period. Norges Bank purchased a new position in shares of AppLovin in the 2nd quarter valued at approximately $951,541,000. Rakuten Investment Management Inc. purchased a new stake in AppLovin in the third quarter worth $1,456,108,000. Jennison Associates LLC raised its holdings in AppLovin by 55.2% in the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after purchasing an additional 1,381,970 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in AppLovin by 51.0% in the third quarter. Bank of New York Mellon Corp now owns 1,493,494 shares of the company’s stock worth $1,073,135,000 after purchasing an additional 504,341 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

APP has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and set a $650.00 target price (down from $800.00) on shares of AppLovin in a report on Thursday, February 12th. BTIG Research cut their price objective on shares of AppLovin from $771.00 to $640.00 and set a “buy” rating on the stock in a report on Thursday, February 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. The Goldman Sachs Group lowered their target price on shares of AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Finally, Needham & Company LLC restated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, February 12th. Twenty-one investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average target price of $658.14.

Insider Buying and Selling

In other news, Director Dawson Alyssa Harvey sold 150 shares of the stock in a transaction 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 transaction, the director directly owned 2,829 shares of the company’s stock, valued at $1,961,402.28. This represents a 5.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Victoria Valenzuela sold 7,609 shares of AppLovin stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $657.13, for a total value of $5,000,102.17. Following the completion of the sale, the insider directly owned 277,110 shares of the company’s stock, valued at $182,097,294.30. The trade was a 2.67% decrease in their position. The disclosure for this sale is available in the SEC filing. 13.66% of the stock is owned by corporate insiders.

AppLovin Trading Up 1.4%

Shares of NASDAQ:APP opened at $438.89 on Wednesday. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.32. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The company has a market cap of $148.03 billion, a P/E ratio of 45.01, a PEG ratio of 0.89 and a beta of 2.51. The stock’s fifty day moving average price is $527.66 and its 200-day moving average price is $572.35.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.35. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.61 billion. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.AppLovin’s revenue was up 66.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.73 EPS. Sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.