Empowered Funds LLC Acquires 71,514 Shares of AppLovin Co. (NASDAQ:APP)

Empowered Funds LLC grew its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 394.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 89,635 shares of the company's stock after acquiring an additional 71,514 shares during the quarter. Empowered Funds LLC's holdings in AppLovin were worth $11,702,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in AppLovin during the third quarter worth about $25,000. DT Investment Partners LLC bought a new stake in shares of AppLovin during the third quarter worth about $27,000. Raleigh Capital Management Inc. bought a new stake in shares of AppLovin during the third quarter worth about $29,000. Quest Partners LLC bought a new stake in shares of AppLovin during the second quarter worth about $33,000. Finally, Oliver Lagore Vanvalin Investment Group bought a new stake in shares of AppLovin during the second quarter worth about $34,000. Institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Jefferies Financial Group upped their target price on AppLovin from $105.00 to $108.00 and gave the company a "buy" rating in a report on Tuesday, September 10th. Macquarie increased their price target on AppLovin from $150.00 to $270.00 and gave the stock an "outperform" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on 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 assumed coverage on AppLovin in a research report on Monday, October 28th. They set an "overweight" rating and a $200.00 price target on the stock. Finally, Wedbush reissued an "outperform" rating and issued a $270.00 target price (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and a consensus target price of $194.31.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 154,500 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the completion of the sale, the chief technology officer now directly owns 4,530,455 shares of the company's stock, valued at $381,192,483.70. This represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares of the company's stock, valued at approximately $291,115,402.32. This represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 235,542 shares of company stock valued at $32,012,275. Company insiders own 14.69% of the company's stock.

AppLovin Stock Performance

Shares of APP stock traded up $6.60 during mid-day trading on Friday, hitting $291.09. 24,361,492 shares of the stock were exchanged, compared to its average volume of 4,402,378. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $302.55. The stock's fifty day simple moving average is $155.01 and its two-hundred day simple moving average is $107.06. The stock has a market capitalization of $97.30 billion, a price-to-earnings ratio of 86.62, a P/E/G ratio of 3.49 and a beta of 1.86.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the firm earned $0.30 EPS. The company's revenue for the quarter was up 38.6% on a year-over-year basis. On average, analysts forecast that AppLovin Co. will post 4.06 EPS for the current year.

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.