Geode Capital Management LLC Acquires 449,241 Shares of AppLovin Co. (NASDAQ:APP)

Geode Capital Management LLC boosted its stake in shares of AppLovin Co. (NASDAQ:APP) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,946,135 shares of the company’s stock after buying an additional 449,241 shares during the period. Geode Capital Management LLC’s holdings in AppLovin were worth $514,418,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new stake in AppLovin during the third quarter valued at approximately $25,000. DT Investment Partners LLC acquired a new stake in shares of AppLovin in the 3rd quarter worth $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin in the 3rd quarter worth $27,000. Raleigh Capital Management Inc. acquired a new position in AppLovin during the 3rd quarter valued at about $29,000. Finally, Quest Partners LLC purchased a new stake in AppLovin in the second quarter valued at about $33,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

APP opened at $326.21 on Friday. The stock has a market cap of $109.47 billion, a P/E ratio of 98.85, a P/E/G ratio of 4.95 and a beta of 2.27. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a fifty day moving average price of $242.30 and a 200 day moving average price of $142.69. AppLovin Co. has a 1 year low of $36.33 and a 1 year high of $417.64.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share 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 during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm posted $0.30 earnings per share. The company’s revenue was up 38.6% compared to the same quarter last year. Equities research analysts anticipate that AppLovin Co. will post 4.06 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on APP. Loop Capital upped their price objective on shares of AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a report on Monday, November 11th. Macquarie upped their price target on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their target price on AppLovin from $250.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Finally, Bank of America lifted their price target on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $292.79.

Insiders Place Their Bets

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the sale, the chief marketing officer now owns 1,017,388 shares in the company, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Herald Y. Chen sold 99,000 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $329.50, for a total transaction of $32,620,500.00. Following the transaction, the director now owns 621,209 shares of the company’s stock, valued at approximately $204,688,365.50. This trade represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 872,896 shares of company stock worth $279,773,021. 14.69% of the stock is owned by corporate insiders.

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.