JAT Capital Mgmt LP Purchases Shares of 95,000 AppLovin Co. (NASDAQ:APP)

JAT Capital Mgmt LP acquired a new position in AppLovin Co. (NASDAQ:APP) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 95,000 shares of the company’s stock, valued at approximately $12,402,000. AppLovin comprises 2.0% of JAT Capital Mgmt LP’s investment portfolio, making the stock its 18th largest holding.

Other institutional investors have also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. purchased a new stake in shares of AppLovin in the 1st quarter worth about $474,000. California State Teachers Retirement System lifted its stake in shares of AppLovin by 47.7% in the 1st quarter. California State Teachers Retirement System now owns 241,197 shares of the company’s stock worth $16,696,000 after purchasing an additional 77,914 shares during the period. Tidal Investments LLC bought a new stake in shares of AppLovin during the 1st quarter valued at $236,000. Swedbank AB purchased a new stake in AppLovin in the first quarter worth about $870,000. Finally, Cetera Advisors LLC purchased a new stake in AppLovin in the 1st quarter worth approximately $675,000. Institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 30,330 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $330.67, for a total value of $10,029,221.10. Following the completion of the sale, the director now owns 90,576 shares in the company, valued at $29,950,765.92. This represents a 25.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $84.14, for a total value of $12,999,630.00. Following the sale, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 884,395 shares of company stock worth $243,101,629. 14.69% of the stock is owned by insiders.

AppLovin Stock Performance

APP stock opened at $336.75 on Friday. The firm has a market cap of $113.01 billion, a P/E ratio of 102.05, a P/E/G ratio of 4.05 and a beta of 1.86. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $344.77. The stock’s 50 day simple moving average is $197.69 and its 200 day simple moving average is $123.96. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping 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 analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. AppLovin’s quarterly revenue was up 38.6% on a year-over-year basis. As a group, equities research analysts predict that AppLovin Co. will post 4.06 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on APP shares. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and lifted their target price for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and increased their price target for the company from $80.00 to $280.00 in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Piper Sandler began coverage on AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price for the company. Finally, Macquarie raised their price target on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.57.

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.