Geode Capital Management LLC Buys 449,241 Shares of AppLovin Co. (NASDAQ:APP)

Geode Capital Management LLC lifted its holdings in shares of AppLovin Co. (NASDAQ:APP) by 12.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,946,135 shares of the company’s stock after purchasing an additional 449,241 shares during the quarter. Geode Capital Management LLC owned 1.18% of AppLovin worth $514,418,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in APP. Capital Performance Advisors LLP acquired a new position in AppLovin during the 3rd quarter worth approximately $25,000. DT Investment Partners LLC bought a new stake in shares of AppLovin in the third quarter valued at about $27,000. Meeder Asset Management Inc. acquired a new position in AppLovin in the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. acquired a new stake in shares of AppLovin during the 3rd quarter worth approximately $29,000. Finally, Quest Partners LLC bought a new position in shares of AppLovin in the second quarter worth about $33,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 3.5 %

Shares of APP stock opened at $326.21 on Friday. The stock has a market cap of $109.47 billion, a P/E ratio of 98.85, a PEG ratio of 4.95 and a beta of 2.27. The company’s fifty day simple moving average is $242.30 and its two-hundred day simple moving average is $142.69. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 52 week low of $36.33 and a 52 week high of $417.64.

AppLovin (NASDAQ:APP) last released its quarterly earnings data 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 business had revenue of $1.20 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS. Analysts predict that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

APP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Benchmark reaffirmed a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research report on Thursday, November 7th. Oppenheimer restated an “outperform” rating and set a $480.00 price objective on shares of AppLovin in a report on Tuesday. Piper Sandler initiated coverage on shares of AppLovin in a report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price objective on the stock. Finally, Stifel Nicolaus boosted their price objective on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the sale, the insider now directly owns 405,676 shares of the company’s stock, valued at $143,670,155.40. This trade represents a 4.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Herald Y. Chen sold 99,000 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $329.50, for a total value of $32,620,500.00. Following the sale, the director now owns 621,209 shares in the company, valued at $204,688,365.50. The trade was a 13.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 872,896 shares of company stock valued at $279,773,021 over the last 90 days. 14.69% of the stock is owned by corporate insiders.

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.