Legal & General Group Plc Buys 112,535 Shares of AppLovin Corporation $APP

Legal & General Group Plc lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 7.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,529,734 shares of the company’s stock after purchasing an additional 112,535 shares during the quarter. Legal & General Group Plc’s holdings in AppLovin were worth $1,099,175,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Chilton Capital Management LLC bought a new stake in shares of AppLovin during the 3rd quarter worth approximately $29,000. Activest Wealth Management boosted its position in AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock valued at $31,000 after buying an additional 38 shares in the last quarter. Heartwood Wealth Advisors LLC bought a new position in shares of AppLovin in the 3rd quarter valued at $33,000. CBIZ Investment Advisory Services LLC increased its holdings in AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 17 shares in the last quarter. Finally, Bogart Wealth LLC boosted its stake in shares of AppLovin by 100.0% during the third quarter. Bogart Wealth LLC now owns 48 shares of the company’s stock valued at $34,000 after purchasing an additional 24 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Arete Research set a $340.00 target price on shares of AppLovin and gave the stock a “neutral” rating in a report on Monday, March 2nd. Morgan Stanley set a $720.00 price objective on AppLovin in a report on Thursday, February 12th. Oppenheimer cut their target price on AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Jefferies Financial Group decreased their price target on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, February 12th. Twenty-one analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $654.50.

AppLovin Price Performance

Shares of APP opened at $517.23 on Tuesday. The firm has a market cap of $174.45 billion, a PE ratio of 53.05, a price-to-earnings-growth ratio of 1.03 and a beta of 2.51. AppLovin Corporation has a 52-week low of $200.50 and a 52-week high of $745.61. The business’s 50 day moving average price is $510.56 and its two-hundred day moving average price is $574.66. The company has a debt-to-equity ratio of 1.65, a quick ratio of 3.32 and a current ratio of 3.32.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 EPS for the quarter, topping the consensus estimate of $2.89 by $0.35. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.61 billion. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The company’s quarterly revenue was up 66.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 EPS. On average, equities analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling

In other AppLovin news, insider Victoria Valenzuela sold 7,609 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were 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 in the company, valued at approximately $182,097,294.30. This trade represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 13.66% of the company’s stock.

AppLovin Company 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.