Bank of New York Mellon Corp Has $334.29 Million Stake in AppLovin Co. (NASDAQ:APP)

Bank of New York Mellon Corp raised its position in AppLovin Co. (NASDAQ:APP) by 3.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,032,315 shares of the company’s stock after buying an additional 30,154 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of AppLovin worth $334,294,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WCM Investment Management LLC increased its stake in AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. FMR LLC boosted its holdings in shares of AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after purchasing an additional 6,801,138 shares in the last quarter. State Street Corp increased its stake in shares of AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after purchasing an additional 428,419 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of AppLovin by 5,421.4% during the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of AppLovin by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock worth $514,418,000 after buying an additional 449,241 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 1,676 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the transaction, the chief executive officer now owns 3,058,635 shares in the company, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares of the company’s stock, valued at $143,670,155.40. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 255,372 shares of company stock valued at $92,519,099 in the last ninety days. 14.69% of the stock is owned by company insiders.

AppLovin Stock Down 12.2 %

AppLovin stock opened at $331.00 on Thursday. The firm has a 50 day moving average price of $368.06 and a two-hundred day moving average price of $250.75. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a 52-week low of $57.40 and a 52-week high of $525.15. The firm has a market cap of $111.08 billion, a price-to-earnings ratio of 72.91, a PEG ratio of 3.02 and a beta of 2.30.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Equities analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on APP shares. Oppenheimer reiterated an “outperform” rating and issued a $560.00 target price (up previously from $480.00) on shares of AppLovin in a research report on Thursday, February 13th. Wedbush reaffirmed an “outperform” rating and set a $270.00 price target (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Macquarie increased their price objective on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Bank of America boosted their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, BTIG Research increased their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $442.18.

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.