Rockefeller Capital Management L.P. Raises Position in AppLovin Corporation $APP

Rockefeller Capital Management L.P. raised its position in AppLovin Corporation (NASDAQ:APP) by 66.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 22,957 shares of the company’s stock after buying an additional 9,198 shares during the period. Rockefeller Capital Management L.P.’s holdings in AppLovin were worth $15,470,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of APP. Allworth Financial LP boosted its stake in AppLovin by 131.7% during the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after buying an additional 3,438 shares during the last quarter. APG Asset Management N.V. purchased a new position in shares of AppLovin during the 3rd quarter worth $4,958,000. Franklin Resources Inc. boosted its position in shares of AppLovin by 24.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock valued at $1,754,996,000 after acquiring an additional 487,492 shares during the last quarter. TIAA Trust National Association boosted its holdings in AppLovin by 431.7% in the 3rd quarter. TIAA Trust National Association now owns 52,749 shares of the company’s stock valued at $37,902,000 after purchasing an additional 42,829 shares during the last quarter. Finally, Generate Investment Management Ltd purchased a new position in AppLovin in the fourth quarter worth approximately $2,347,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the transaction, the chief executive officer owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the sale, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. The trade was a 1.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 389,924 shares of company stock valued at $195,693,875. 13.66% of the stock is owned by company insiders.

AppLovin Price Performance

APP stock opened at $467.02 on Wednesday. The business’s fifty day moving average price is $495.55 and its 200 day moving average price is $514.39. AppLovin Corporation has a 12-month low of $325.58 and a 12-month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $156.89 billion, a PE ratio of 40.12, a P/E/G ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period last year, the business posted $1.67 EPS. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

Wall Street Analyst Weigh In

APP has been the topic of a number of research analyst reports. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Arete Research set a $340.00 price target on AppLovin and gave the stock a “neutral” rating in a report on Monday, March 2nd. JPMorgan Chase & Co. raised their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. KeyCorp set a $775.00 target price on shares of AppLovin in a research report on Wednesday, June 10th. Finally, Argus started coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $669.62.

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.