Watts Gwilliam & Co. LLC Acquires Shares of 35,613 AppLovin Co. (NASDAQ:APP)

by · The Markets Daily

Watts Gwilliam & Co. LLC bought a new position in AppLovin Co. (NASDAQ:APP – Free Report) during the third quarter, HoldingsChannel.com reports. The fund bought 35,613 shares of the company’s stock, valued at approximately $5,111,000. AppLovin comprises about 1.1% of Watts Gwilliam & Co. LLC’s holdings, making the stock its 21st largest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp lifted its position in AppLovin by 9,470.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock valued at $17,336,000 after acquiring an additional 248,022 shares in the last quarter. Gulf International Bank UK Ltd purchased a new stake in shares of AppLovin during the first quarter valued at $1,131,000. Acadian Asset Management LLC boosted its position in shares of AppLovin by 2,081.4% during the first quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock valued at $1,127,000 after buying an additional 15,590 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings 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 buying an additional 10,099 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in AppLovin by 73.0% during the 2nd 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. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on APP shares. Wedbush decreased their price objective on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Jefferies Financial Group raised their price target on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Macquarie reiterated an “outperform” rating and set a $150.00 price objective (up previously from $115.00) on shares of AppLovin in a research report on Wednesday, September 25th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $100.00 to $145.00 in a research note on Tuesday, September 17th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $105.00 target price (up from $97.00) on shares of AppLovin in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $106.44.

Read Our Latest Report on AppLovin

Insider Activity

In related news, insider Victoria Valenzuela sold 14,166 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction dated Thursday, August 22nd. The shares were 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 of the company’s stock, valued at approximately $31,728,387.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $131,850.00. Following 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 610,094 shares of company stock worth $51,022,478. 14.69% of the stock is currently owned by insiders.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $144.84 on Friday. The company has a market cap of $48.41 billion, a P/E ratio of 61.63, a P/E/G ratio of 2.07 and a beta of 1.92. AppLovin Co. has a 52-week low of $34.45 and a 52-week high of $145.68. 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 firm’s fifty day moving average is $103.13 and its two-hundred day moving average is $87.01.

AppLovin (NASDAQ:APP – Get Free Report) last posted 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 the consensus estimate of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm’s revenue for the quarter was up 44.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.22 earnings per share. As a group, analysts anticipate that AppLovin Co. will post 3.46 EPS for the current fiscal year.

About AppLovin

(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.

Further Reading

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Co. (NASDAQ:APP – Free Report).