Flputnam Investment Management Co. Sells 1,428 Shares of AppLovin Corporation $APP

Flputnam Investment Management Co. lessened its stake in AppLovin Corporation (NASDAQ:APP) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,063 shares of the company’s stock after selling 1,428 shares during the period. AppLovin makes up approximately 0.8% of Flputnam Investment Management Co.’s holdings, making the stock its 25th largest position. Flputnam Investment Management Co.’s holdings in AppLovin were worth $55,296,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in APP. Vanguard Group Inc. grew its position in AppLovin by 39.4% in the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after purchasing an additional 7,051,663 shares during the period. State Street Corp grew its position in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares during the period. Capital Research Global Investors bought a new stake in AppLovin in the 3rd quarter worth approximately $743,899,000. Northern Trust Corp grew its position in AppLovin by 46.8% in the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after purchasing an additional 756,660 shares during the period. Finally, Bank of New York Mellon Corp grew its position in AppLovin by 51.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,493,494 shares of the company’s stock worth $1,073,135,000 after purchasing an additional 504,341 shares during the period. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Citigroup cut their price objective on shares of AppLovin from $820.00 to $710.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Scotiabank boosted their price objective on shares of AppLovin from $750.00 to $775.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. The Goldman Sachs Group cut their price objective on shares of AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a research report on Thursday, February 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $664.35.

AppLovin Trading Up 6.8%

Shares of APP stock opened at $514.24 on Wednesday. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The firm has a fifty day moving average price of $448.06 and a 200-day moving average price of $521.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The company has a market cap of $172.75 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 0.78 and a beta of 2.37.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.67 EPS. As a group, equities analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 50,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares of the company’s stock, valued at approximately $1,155,972,140.56. This represents a 1.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the completion of the transaction, the chief technology officer directly owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. This represents a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 365,244 shares of company stock valued at $169,584,607. Company insiders own 13.66% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.