Aviance Capital Partners LLC Buys Shares of 2,000 AppLovin Co. (NASDAQ:APP)

Aviance Capital Partners LLC purchased a new position in shares of AppLovin Co. (NASDAQ:APP) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,000 shares of the company’s stock, valued at approximately $261,000.

A number of other hedge funds have also modified their holdings of the business. WCM Investment Management LLC increased its holdings in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Lone Pine Capital LLC grew its stake in shares of AppLovin by 7.2% in the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after buying an additional 382,767 shares in the last quarter. Jericho Capital Asset Management L.P. raised its holdings in shares of AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after buying an additional 2,525,240 shares during the period. Fred Alger Management LLC acquired a new position in AppLovin during the 2nd quarter worth about $290,655,000. Finally, Whale Rock Capital Management LLC purchased a new position in AppLovin during the 1st quarter valued at about $195,129,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Up 7.8 %

Shares of NASDAQ APP opened at $321.19 on Wednesday. The business has a 50-day moving average price of $168.07 and a 200 day moving average price of $112.43. The stock has a market cap of $107.79 billion, a PE ratio of 97.33, a price-to-earnings-growth ratio of 3.58 and a beta of 1.86. 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 $35.79 and a 52-week high of $323.59.

AppLovin (NASDAQ:APP) last announced its earnings results 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. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the firm posted $0.30 earnings per share. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. Equities research analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Benchmark reissued a “sell” rating and set a $66.00 price target on shares of AppLovin in a research report on Thursday, November 7th. Oppenheimer raised their price target on shares of AppLovin from $180.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. upped their price objective on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. Finally, The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and upped their price target for the stock from $103.00 to $150.00 in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.13.

Insider Activity

In other news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the transaction, the insider now owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. The trade was a 3.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. This trade represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 235,542 shares of company stock valued at $32,012,275. Insiders own 14.69% of the company’s stock.

About AppLovin

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.