Pictet Asset Management SA Takes Position in AppLovin Co. (NYSE:APP)

Pictet Asset Management SA bought a new stake in shares of AppLovin Co. (NYSE:APPGet Rating) during the 2nd quarter, Holdings Channel reports. The fund bought 38,567 shares of the company’s stock, valued at approximately $1,328,000.

Several other hedge funds have also recently made changes to their positions in the business. First Trust Advisors LP boosted its position in shares of AppLovin by 499.1% during the first quarter. First Trust Advisors LP now owns 1,627,033 shares of the company’s stock valued at $89,601,000 after purchasing an additional 1,355,435 shares in the last quarter. Scout Investments Inc. bought a new stake in shares of AppLovin during the second quarter valued at approximately $45,208,000. Blackstone Inc. bought a new stake in shares of AppLovin during the first quarter valued at approximately $50,699,000. BlackRock Inc. boosted its position in shares of AppLovin by 16.1% during the first quarter. BlackRock Inc. now owns 5,718,851 shares of the company’s stock valued at $314,938,000 after purchasing an additional 791,261 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of AppLovin by 49.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,236,229 shares of the company’s stock valued at $123,149,000 after purchasing an additional 736,174 shares in the last quarter. 37.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

APP has been the topic of several analyst reports. The Goldman Sachs Group dropped their target price on AppLovin from $56.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. Morgan Stanley initiated coverage on AppLovin in a report on Friday, September 23rd. They issued an “overweight” rating and a $35.00 target price on the stock. Credit Suisse Group dropped their target price on AppLovin from $63.00 to $57.00 and set an “outperform” rating on the stock in a report on Thursday, November 10th. Needham & Company LLC began coverage on AppLovin in a report on Friday, October 7th. They issued a “hold” rating on the stock. Finally, DA Davidson decreased their price target on AppLovin from $80.00 to $70.00 in a research note on Friday, August 12th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.47.

AppLovin Stock Up 5.0 %

AppLovin stock opened at $13.96 on Wednesday. The stock has a market cap of $5.19 billion, a PE ratio of -60.69 and a beta of 1.85. The company has a debt-to-equity ratio of 1.69, a quick ratio of 3.36 and a current ratio of 3.36. AppLovin Co. has a one year low of $13.00 and a one year high of $99.29. The stock has a fifty day moving average of $18.46 and a 200 day moving average of $28.55.

About AppLovin

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.

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Institutional Ownership by Quarter for AppLovin (NYSE:APP)

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