QRG Capital Management Inc. Raises Stock Position in AppLovin Co. (NASDAQ:APP)

QRG Capital Management Inc. boosted its stake in AppLovin Co. (NASDAQ:APP) by 166.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,880 shares of the company’s stock after acquiring an additional 16,149 shares during the quarter. QRG Capital Management Inc.’s holdings in AppLovin were worth $3,379,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp increased its position in AppLovin by 9,470.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock worth $17,336,000 after buying an additional 248,022 shares during the period. Acadian Asset Management LLC boosted its stake in shares of AppLovin by 2,081.4% during the 1st quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after acquiring an additional 15,590 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in AppLovin by 167.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock worth $1,118,000 after purchasing an additional 10,099 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of AppLovin by 73.0% during the second quarter. Clearbridge Investments LLC now owns 893,344 shares of the company’s stock valued at $74,344,000 after acquiring an additional 376,835 shares during the period. Finally, Smithbridge Asset Management Inc. DE acquired a new stake in AppLovin during the 3rd quarter valued at $7,086,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Price Performance

APP stock opened at $168.55 on Thursday. The company has a market capitalization of $56.34 billion, a P/E ratio of 71.72, a price-to-earnings-growth ratio of 2.36 and a beta of 1.86. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. AppLovin Co. has a 52-week low of $35.79 and a 52-week high of $176.99. The business has a 50-day simple moving average of $130.62 and a two-hundred day simple moving average of $98.02.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business’s revenue for the quarter was up 44.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.22 EPS. Research analysts expect that AppLovin Co. will post 3.47 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Oppenheimer upped their price objective on shares of AppLovin from $105.00 to $180.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Bank of America raised their target price on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. lifted their price target on AppLovin from $57.00 to $160.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Citigroup upped their price objective on shares of AppLovin from $155.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, BTIG Research raised their target price on AppLovin from $150.00 to $202.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $136.78.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the completion of the sale, the director now owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s 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 completion of the sale, the director now directly owns 10,247 shares in the company, valued at $900,711.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 610,094 shares of company stock worth $51,022,478 over the last 90 days. 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.