Mitchell Capital Management Co. acquired a new position in shares of AppLovin Corporation (NASDAQ:APP – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 8,711 shares of the company’s stock, valued at approximately $3,175,000.
Several other hedge funds also recently made changes to their positions in APP. Dynasty Wealth Management LLC grew its holdings in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after buying an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of AppLovin by 86.5% during the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company’s stock worth $632,478,000 after buying an additional 1,107,104 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.
Insiders Place Their Bets
In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director owned 3,150 shares of the company’s stock, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at $1,140,219,472.42. This represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last quarter. 13.66% of the stock is owned by company insiders.
AppLovin Price Performance
AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the company earned $0.89 EPS. The firm’s revenue for the quarter was up 77.1% compared to the same quarter last year. Research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. JPMorgan Chase & Co. raised their price target on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. UBS Group raised their price target on AppLovin from $540.00 to $810.00 and gave the stock a “buy” rating in a report on Friday, September 26th. Phillip Securities raised AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Finally, Wells Fargo & Company set a $860.00 price target on AppLovin in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $597.38.
View Our Latest Stock Report on AppLovin
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.
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