Rakuten Securities Inc. Reduces Stock Holdings in AppLovin Co. (NASDAQ:APP)

by · The Cerbat Gem

Rakuten Securities Inc. cut its holdings in AppLovin Co. (NASDAQ:APP – Free Report) by 85.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 842 shares of the company’s stock after selling 4,939 shares during the period. Rakuten Securities Inc.’s holdings in AppLovin were worth $110,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Fred Alger Management LLC acquired a new stake in shares of AppLovin during the second quarter valued at $290,655,000. Whale Rock Capital Management LLC purchased a new position in AppLovin in the 1st quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. boosted its stake in shares of AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares during the last quarter. 1832 Asset Management L.P. boosted its stake 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, WCM Investment Management LLC grew its holdings in shares of AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after buying an additional 1,029,009 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Up 0.9 %

NASDAQ:APP opened at $289.03 on Wednesday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.28 and a current ratio of 2.41. The company has a market capitalization of $96.61 billion, a price-to-earnings ratio of 87.59, a price-to-earnings-growth ratio of 4.18 and a beta of 1.86. AppLovin Co. has a one year low of $35.79 and a one year high of $292.86. The stock has a 50-day simple moving average of $143.14 and a 200 day simple moving average of $103.05.

AppLovin (NASDAQ:APP – Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The firm’s revenue for the quarter was up 38.6% compared to the same quarter last year. Sell-side analysts predict that AppLovin Co. will post 3.98 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on APP. Stifel Nicolaus raised their price objective on AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Oppenheimer raised their price target on AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $194.31.

Check Out Our Latest Stock Analysis on AppLovin

Insider Transactions at AppLovin

In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 229,200 shares of the firm’s stock in a transaction on 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 transaction, the director now directly owns 7,412,475 shares in the company, valued at $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. In the last ninety days, insiders have sold 404,866 shares of company stock worth $34,670,777. 14.69% of the stock is currently owned by company insiders.

AppLovin Company Profile

(Free Report)

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.

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