Legal & General Group Plc Has $1.02 Billion Stock Position in AppLovin Corporation $APP

Legal & General Group Plc decreased its position in shares of AppLovin Corporation (NASDAQ:APP) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,506,428 shares of the company’s stock after selling 23,306 shares during the period. Legal & General Group Plc owned 0.45% of AppLovin worth $1,015,061,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Mediolanum International Funds Ltd raised its holdings in AppLovin by 73.5% during the third quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock valued at $54,664,000 after buying an additional 32,510 shares in the last quarter. Allworth Financial LP raised its holdings in AppLovin by 131.7% during the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after buying an additional 3,438 shares in the last quarter. CIBC Asset Management Inc raised its holdings in AppLovin by 14.8% during the third quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock valued at $84,160,000 after buying an additional 15,074 shares in the last quarter. APG Asset Management N.V. bought a new position in AppLovin during the third quarter valued at about $4,958,000. Finally, Principal Financial Group Inc. raised its holdings in AppLovin by 946.5% during the third quarter. Principal Financial Group Inc. now owns 326,999 shares of the company’s stock valued at $234,962,000 after buying an additional 295,753 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated 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 approximately $1,583,462,445.39. The trade was a 1.89% 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, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 365,244 shares of company stock worth $169,584,607. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $481.68 on Monday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The business’s 50-day simple moving average is $446.31 and its 200-day simple moving average is $523.19. The firm has a market capitalization of $161.82 billion, a PE ratio of 41.38, a PEG ratio of 0.78 and a beta of 2.37. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61.

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. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.67 earnings per share. Equities research analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on APP shares. UBS Group cut their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Benchmark restated a “buy” rating on shares of AppLovin in a report on Friday, March 6th. Needham & Company LLC restated a “buy” rating and set a $700.00 target price on shares of AppLovin in a report on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, BTIG Research restated a “buy” rating and set a $640.00 target price on shares of AppLovin in a report 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 given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $664.35.

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.