BlackRock Inc. Increases Stock Position in AppLovin Co. (NYSE:APP)

BlackRock Inc. boosted its holdings in AppLovin Co. (NYSE:APP – Get Rating) by 3.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 12,039,824 shares of the company’s stock after buying an additional 390,451 shares during the period. BlackRock Inc.’s holdings in AppLovin were worth $234,655,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in shares of AppLovin by 99.0% during the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after purchasing an additional 488 shares in the last quarter. Raymond James & Associates lifted its stake in AppLovin by 109.0% during the 1st quarter. Raymond James & Associates now owns 57,743 shares of the company’s stock valued at $3,180,000 after acquiring an additional 30,112 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of AppLovin by 21.6% during the 1st quarter. Bank of New York Mellon Corp now owns 39,124 shares of the company’s stock valued at $2,155,000 after acquiring an additional 6,942 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of AppLovin by 43.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,425 shares of the company’s stock worth $519,000 after acquiring an additional 2,858 shares during the period. Finally, Citigroup Inc. raised its holdings in shares of AppLovin by 802.0% during the first quarter. Citigroup Inc. now owns 22,749 shares of the company’s stock valued at $1,253,000 after purchasing an additional 20,227 shares during the last quarter. 38.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In other AppLovin news, CMO Katie Kihorany Jansen sold 65,155 shares of the company’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $13.78, for a total transaction of $897,835.90. Following the sale, the chief marketing officer now directly owns 1,564,539 shares in the company, valued at $21,559,347.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CMO Katie Kihorany Jansen sold 65,155 shares of the stock in a transaction on Monday, March 6th. The shares were sold at an average price of $13.78, for a total value of $897,835.90. Following the sale, the chief marketing officer now owns 1,564,539 shares of the company’s stock, valued at $21,559,347.42. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 65,167 shares of AppLovin stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $13.41, for a total transaction of $873,889.47. Following the transaction, the insider now directly owns 848,054 shares of the company’s stock, valued at $11,372,404.14. The disclosure for this sale can be found here. Insiders have sold a total of 155,322 shares of company stock worth $2,140,975 in the last three months. Insiders own 12.78% of the company’s stock.

AppLovin Trading Up 0.8 %

Shares of APP opened at $12.41 on Tuesday. The stock has a market capitalization of $4.67 billion, a PE ratio of -23.87, a P/E/G ratio of 2.83 and a beta of 1.85. The company’s fifty day moving average is $12.82 and its 200 day moving average is $15.57. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.35 and a current ratio of 3.35. AppLovin Co. has a fifty-two week low of $9.14 and a fifty-two week high of $58.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. The Goldman Sachs Group cut their target price on shares of AppLovin from $33.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, January 19th. Oppenheimer boosted their price target on AppLovin from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, February 9th. Credit Suisse Group reduced their target price on shares of AppLovin from $57.00 to $47.00 and set an “outperform” rating for the company in a report on Wednesday, February 8th. BTIG Research downgraded shares of AppLovin from a “buy” rating to a “neutral” rating in a research report on Thursday, December 8th. Finally, Citigroup decreased their target price on AppLovin from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $27.12.

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.