Bessemer Group Inc. Has $48.92 Million Stock Holdings in AppLovin Corporation $APP

Bessemer Group Inc. increased its holdings in AppLovin Corporation (NASDAQ:APP) by 2.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 122,924 shares of the company’s stock after purchasing an additional 2,984 shares during the period. Bessemer Group Inc.’s holdings in AppLovin were worth $48,923,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allworth Financial LP lifted its stake in AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the last quarter. Generate Investment Management Ltd purchased a new stake in AppLovin in the fourth quarter worth $2,347,000. Calamos Advisors LLC increased its position in AppLovin by 73.3% in the fourth quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock worth $32,840,000 after buying an additional 20,609 shares during the last quarter. Capricorn Fund Managers Ltd bought a new stake in shares of AppLovin in the fourth quarter valued at $4,043,000. Finally, Overbrook Management Corp bought a new stake in shares of AppLovin in the fourth quarter valued at $10,179,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APP has been the subject of several recent research reports. UBS Group decreased their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a report on Thursday, May 7th. BTIG Research reiterated a “buy” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Argus initiated coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. Finally, Citigroup reissued a “buy” rating on shares of AppLovin in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $668.45.

AppLovin Trading Down 2.3%

Shares of APP stock opened at $424.54 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The business has a 50-day moving average price of $506.01 and a two-hundred day moving average price of $489.19. AppLovin Corporation has a 12-month low of $343.00 and a 12-month high of $745.61. The firm has a market cap of $142.62 billion, a P/E ratio of 36.47, a price-to-earnings-growth ratio of 0.71 and a beta of 2.49.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company’s revenue was up 58.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. Equities analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 33,042 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 393,000 shares of company stock valued at $197,297,363. 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.