M&T Bank Corp Boosts Stock Holdings in AppLovin Co. (NASDAQ:APP)

M&T Bank Corp lifted its holdings in shares of AppLovin Co. (NASDAQ:APP) by 54.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,799 shares of the company’s stock after buying an additional 12,901 shares during the quarter. M&T Bank Corp’s holdings in AppLovin were worth $4,805,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of APP. FMR LLC grew its holdings in AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after buying an additional 6,801,138 shares in the last quarter. Fred Alger Management LLC bought a new position in shares of AppLovin in the second quarter valued at approximately $290,655,000. 1832 Asset Management L.P. grew its stake in AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after acquiring an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC increased its holdings in AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in AppLovin by 31.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after purchasing an additional 560,560 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $326.21 on Friday. The company’s fifty day moving average is $242.30 and its 200 day 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. The stock has a market cap of $109.47 billion, a PE ratio of 98.85, a PEG ratio of 4.95 and a beta of 2.27.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.92 by $0.33. The firm 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 quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 earnings per share. Research analysts anticipate that AppLovin Co. will post 4.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

APP has been the subject of a number of recent analyst reports. BTIG Research boosted their price target on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Macquarie upped their target price on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Benchmark reiterated a “sell” rating and set a $66.00 price target on shares of AppLovin in a research report on Thursday, November 7th. Finally, Stifel Nicolaus upped their price objective on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $292.79.

Insider Buying and Selling at AppLovin

In other AppLovin news, CFO Herald Y. Chen sold 400 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the transaction, the chief financial officer now owns 207,649 shares in the company, valued at approximately $76,032,757.84. The trade was a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the sale, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at approximately $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 872,896 shares of company stock worth $279,773,021. 14.69% of the stock is currently owned by insiders.

AppLovin Company 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.