AppLovin Co. (NASDAQ:APP) Holdings Lifted by Victory Capital Management Inc.

Victory Capital Management Inc. raised its position in AppLovin Co. (NASDAQ:APP) by 45.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 374,892 shares of the company’s stock after purchasing an additional 117,186 shares during the quarter. Victory Capital Management Inc. owned approximately 0.11% of AppLovin worth $48,942,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new stake in shares of AppLovin in the third quarter worth about $25,000. DT Investment Partners LLC acquired a new position in shares of AppLovin during the 3rd quarter worth about $27,000. Raleigh Capital Management Inc. acquired a new position in shares of AppLovin during the 3rd quarter worth about $29,000. HM Payson & Co. lifted its position in shares of AppLovin by 50.0% during the 3rd quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in shares of AppLovin during the 3rd quarter worth about $42,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $291.09 on Friday. The company has a market capitalization of $97.30 billion, a PE ratio of 88.21, a PEG ratio of 3.49 and a beta of 1.86. AppLovin Co. has a 12 month low of $35.79 and a 12 month high of $302.55. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock’s fifty day simple moving average is $159.14 and its 200 day simple moving average is $108.57.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s revenue was up 38.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. On average, research analysts predict that AppLovin Co. will post 4.06 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Macquarie upped their price target on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and upped their price objective for the company from $103.00 to $150.00 in a research note on Monday, October 14th. Citigroup upped their price objective on AppLovin from $155.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America upped their price objective on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $194.31.

Insider Activity

In related news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. This trade represents a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the transaction, the director now owns 10,247 shares of the company’s stock, valued at $900,711.30. The trade was a 12.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 235,542 shares of company stock worth $32,012,275 in the last quarter. Corporate insiders own 14.69% of the company’s stock.

AppLovin Profile

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.