Fmr LLC Buys 6,801,138 Shares of AppLovin Co. (NASDAQ:APP)

Fmr LLC raised its stake in shares of AppLovin Co. (NASDAQ:APP) by 622.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,893,237 shares of the company’s stock after acquiring an additional 6,801,138 shares during the quarter. Fmr LLC’s holdings in AppLovin were worth $1,030,462,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in APP. Capital Performance Advisors LLP acquired a new position in shares of AppLovin in the 3rd quarter worth approximately $25,000. DT Investment Partners LLC bought a new stake in shares of AppLovin during the third quarter worth $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin in the third quarter valued at $27,000. Raleigh Capital Management Inc. bought a new position in shares of AppLovin in the third quarter valued at about $29,000. Finally, Quest Partners LLC acquired a new position in AppLovin during the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

APP stock opened at $328.56 on Thursday. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $344.77. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $110.26 billion, a PE ratio of 99.56, a P/E/G ratio of 3.94 and a beta of 1.86. The business’s 50-day moving average price is $189.49 and its two-hundred day moving average price is $121.08.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.33. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 EPS. As a group, research analysts forecast that AppLovin Co. will post 4.05 earnings per share for the current year.

Insider Transactions at AppLovin

In other news, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the transaction, the director now directly owns 2,987 shares of the company’s stock, valued at $952,673.78. This trade represents a 85.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. This represents a 12.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,065 shares of company stock valued at $233,072,408 over the last quarter. Corporate insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on APP shares. Stifel Nicolaus boosted their target price on shares of AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Macquarie boosted their price objective on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and increased their price objective for the company from $103.00 to $150.00 in a research report on Monday, October 14th. Benchmark restated a “sell” rating and set a $66.00 target price on shares of AppLovin in a research report on Thursday, November 7th. Finally, Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $265.57.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.