Rockefeller Capital Management L.P. boosted its position in AppLovin Corporation (NASDAQ:APP – Free Report) by 66.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,957 shares of the company’s stock after acquiring an additional 9,198 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in AppLovin were worth $15,470,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after purchasing an additional 166,117 shares in the last quarter. State Street Corp grew its stake in shares of AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after purchasing an additional 52,377 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after acquiring an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of AppLovin by 3.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after acquiring an additional 212,349 shares in the last quarter. Finally, Morgan Stanley lifted its stake in AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after purchasing an additional 538,806 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on APP shares. KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. Arete Research set a $340.00 price target on shares of AppLovin and gave the stock a “neutral” rating in a research note on Monday, March 2nd. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Finally, Wells Fargo & Company lifted their target price on AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One investment 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 stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $669.62.
AppLovin Trading Down 0.5%
NASDAQ APP opened at $467.02 on Wednesday. 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 firm has a market cap of $156.89 billion, a PE ratio of 40.12, a P/E/G ratio of 0.76 and a beta of 2.45. AppLovin Corporation has a one year low of $325.58 and a one year high of $745.61. The firm’s fifty day moving average is $495.55 and its two-hundred day moving average is $514.39.
AppLovin (NASDAQ:APP – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the firm earned $1.67 earnings per share. The business’s quarterly revenue was up 58.9% compared to the same quarter last year. Analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current year.
Insider Activity
In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This trade represents a 7.58% 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, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $582.04, for a total value of $1,790,355.04. Following the completion of the transaction, the director owned 123,520 shares in the company, valued at $71,893,580.80. This trade represents a 2.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 389,924 shares of company stock worth $195,693,875 over the last quarter. 13.66% of the stock is owned by insiders.
AppLovin 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.
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