Westpac Banking Corp Has $6.30 Million Stock Position in AppLovin Corporation $APP

Westpac Banking Corp decreased its position in AppLovin Corporation (NASDAQ:APP) by 42.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 9,353 shares of the company’s stock after selling 6,793 shares during the period. Westpac Banking Corp’s holdings in AppLovin were worth $6,302,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Board of the Pension Protection Fund acquired a new position in shares of AppLovin in the 4th quarter valued at $27,000. Washington Trust Advisors Inc. grew its holdings in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 24 shares during the period. Laurel Wealth Advisors LLC acquired a new position in shares of AppLovin in the 4th quarter valued at $32,000. CBIZ Investment Advisory Services LLC boosted its stake 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 during the period. Finally, Graney & King LLC acquired a new position in AppLovin in the 3rd quarter worth $36,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Trading Down 1.3%

AppLovin stock opened at $605.63 on Wednesday. The firm has a 50-day moving average of $460.05 and a 200-day moving average of $520.92. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. 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 market cap of $203.46 billion, a price-to-earnings ratio of 52.03, a P/E/G ratio of 1.00 and a beta of 2.45.

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

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $700.00 target price on shares of AppLovin in a research note on Thursday, February 12th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 12th. UBS Group reduced their target price on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. One equities 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $664.35.

Insiders Place Their Bets

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total value of $30,549,749.72. Following the transaction, the chief technology officer directly owned 3,255,273 shares in the company, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 464,016 shares of company stock valued at $218,477,985. 13.66% of the stock is owned by insiders.

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.