Invesco Ltd. Increases Stock Position in AppLovin Corporation $APP

Invesco Ltd. increased its holdings in AppLovin Corporation (NASDAQ:APP) by 12.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,821,046 shares of the company’s stock after purchasing an additional 528,294 shares during the period. AppLovin accounts for 0.5% of Invesco Ltd.’s investment portfolio, making the stock its 20th largest holding. Invesco Ltd.’s holdings in AppLovin were worth $3,248,517,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. State Street Corp raised its holdings in AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after acquiring an additional 4,063,763 shares during the period. Norges Bank purchased a new position in shares of AppLovin in the fourth quarter valued at $2,040,321,000. Capital Research Global Investors purchased a new position in shares of AppLovin in the third quarter valued at $743,899,000. Finally, Northern Trust Corp raised its stake in shares of AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the sale, the director directly owned 123,520 shares in the company, valued at $71,893,580.80. The trade was a 2.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 389,924 shares of company stock valued at $195,693,875 over the last three months. Corporate insiders own 13.66% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $469.71 on Friday. The firm has a market capitalization of $157.79 billion, a P/E ratio of 40.35, a P/E/G ratio of 0.78 and a beta of 2.45. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock’s 50-day simple moving average is $490.66 and its two-hundred day simple moving average is $518.14. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the company posted $1.67 EPS. The company’s revenue for the quarter was up 58.9% on a year-over-year basis. As a group, equities analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on APP shares. JPMorgan Chase & Co. raised their target price on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Morgan Stanley reissued an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Benchmark restated a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. BTIG Research reaffirmed a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Finally, Oppenheimer decreased their target price on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $669.62.

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.