ProShare Advisors LLC Increases Stock Position in AppLovin Corporation $APP

ProShare Advisors LLC raised its position in shares of AppLovin Corporation (NASDAQ:APP) by 38.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 541,628 shares of the company’s stock after purchasing an additional 150,748 shares during the quarter. AppLovin accounts for about 0.6% of ProShare Advisors LLC’s holdings, making the stock its 21st biggest holding. ProShare Advisors LLC’s holdings in AppLovin were worth $364,960,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Mediolanum International Funds Ltd raised its holdings in AppLovin by 73.5% in the 3rd quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock worth $54,664,000 after purchasing an additional 32,510 shares in the last quarter. Allworth Financial LP raised its holdings in AppLovin by 131.7% in the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after purchasing an additional 3,438 shares in the last quarter. CIBC Asset Management Inc raised its holdings in AppLovin by 14.8% in the 3rd quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock worth $84,160,000 after purchasing an additional 15,074 shares in the last quarter. APG Asset Management N.V. bought a new position in AppLovin in the 3rd quarter worth $4,958,000. Finally, Trek Financial LLC raised its holdings in AppLovin by 851.6% in the 3rd quarter. Trek Financial LLC now owns 9,630 shares of the company’s stock worth $6,920,000 after purchasing an additional 8,618 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 5,231 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the sale, the chief technology officer directly owned 30,658 shares of the company’s stock, valued at approximately $14,638,275.26. This represents a 14.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the sale, the director directly owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 365,244 shares of company stock valued at $169,584,607. 13.66% of the stock is owned by insiders.

Analysts Set New Price Targets

APP has been the subject of several research reports. Wells Fargo & Company upped their price objective on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Scotiabank upped their price objective on shares of AppLovin from $750.00 to $775.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. The Goldman Sachs Group decreased their price objective on shares of AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a “neutral” rating in a report on Monday, March 2nd. Finally, Weiss Ratings lowered shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $664.35.

AppLovin Stock Down 1.7%

Shares of AppLovin stock opened at $492.38 on Tuesday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The company has a 50-day moving average of $446.94 and a 200 day moving average of $527.38. The firm has a market cap of $165.41 billion, a price-to-earnings ratio of 42.30, a PEG ratio of 0.81 and a beta of 2.37. AppLovin Corporation has a 1 year low of $320.00 and a 1 year 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, topping the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same period last year, the business earned $1.67 EPS. As a group, sell-side analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

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.