Arrowstreet Capital Limited Partnership Acquires 285,353 Shares of AppLovin Corporation $APP

Arrowstreet Capital Limited Partnership grew its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 82.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 632,819 shares of the company’s stock after purchasing an additional 285,353 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in AppLovin were worth $251,862,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Cassaday & Co Wealth Management LLC purchased a new stake in shares of AppLovin in the first quarter worth $25,000. Washington Trust Advisors Inc. grew its position in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new stake in AppLovin during the 4th quarter valued at about $27,000. Laurel Wealth Advisors LLC bought a new stake in AppLovin during the 4th quarter valued at about $32,000. Finally, First Pacific Financial purchased a new position in AppLovin in the first quarter worth about $33,000. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $391.98 on Friday. AppLovin Corporation has a 12-month low of $357.03 and a 12-month high of $745.61. The firm has a market capitalization of $131.68 billion, a price-to-earnings ratio of 33.68, a price-to-earnings-growth ratio of 0.65 and a beta of 2.49. 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 firm has a 50 day moving average of $498.97 and a 200 day moving average of $480.08.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the company posted $1.67 EPS. The company’s revenue was up 58.9% compared to the same quarter last year. On average, research analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insider Activity at AppLovin

In related news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. The trade was a 4.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total value of $30,423,513.68. Following the completion of the sale, the chief technology officer owned 3,189,739 shares of the company’s stock, valued at $1,545,173,366.38. The trade was a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 393,000 shares of company stock valued at $197,297,363 in the last ninety days. Corporate insiders own 12.81% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of recent analyst reports. UBS Group decreased their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a report on Thursday, May 7th. KeyCorp set a $775.00 target price on AppLovin in a research note on Wednesday, June 10th. BTIG Research reissued a “buy” rating and issued a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Finally, Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $668.45.

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.