Segment Wealth Management LLC Acquires New Position in AppLovin Co. (NASDAQ:APP)

Segment Wealth Management LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 16,491 shares of the company’s stock, valued at approximately $2,153,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fred Alger Management LLC acquired a new position in AppLovin during the 2nd quarter worth $290,655,000. Whale Rock Capital Management LLC acquired a new position in AppLovin during the 1st quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. increased its position 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 purchasing an additional 2,525,240 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. Finally, Jackson Square Partners LLC acquired a new position in shares of AppLovin during the first quarter worth $54,736,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $86.35, for a total value of $19,791,420.00. Following the completion of the transaction, the director now directly owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now directly owns 352,616 shares in the company, valued at $31,728,387.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eduardo Vivas sold 229,200 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $86.35, for a total value of $19,791,420.00. Following the completion of the transaction, the director now directly owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 610,094 shares of company stock valued at $51,022,478. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Bank of America upped their price objective on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Citigroup raised their price objective on shares of AppLovin from $155.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group cut shares of AppLovin from a “buy” rating to a “neutral” rating and boosted their price target for the company from $103.00 to $150.00 in a research report on Monday, October 14th. Loop Capital initiated coverage on AppLovin in a research report on Tuesday. They set a “buy” rating and a $181.00 target price on the stock. Finally, BTIG Research upped their target price on AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $119.45.

AppLovin Stock Up 0.1 %

APP stock opened at $158.95 on Wednesday. AppLovin Co. has a one year low of $34.45 and a one year high of $163.08. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a fifty day moving average of $113.67 and a 200-day moving average of $91.00. The stock has a market capitalization of $52.30 billion, a PE ratio of 94.61, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the business posted $0.22 EPS. The company’s revenue for the quarter was up 44.0% on a year-over-year basis. As a group, analysts expect that AppLovin Co. will post 3.46 EPS for the current year.

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.