AppLovin Co. (NASDAQ:APP) Stake Decreased by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lessened its position in AppLovin Co. (NASDAQ:APP - Free Report) by 9.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,350,399 shares of the company's stock after selling 146,286 shares during the period. Lord Abbett & CO. LLC owned approximately 0.40% of AppLovin worth $176,295,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in APP. FMR LLC raised its position in AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company's stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares in the last quarter. Fred Alger Management LLC purchased a new position in shares of AppLovin in the 2nd quarter valued at about $290,655,000. 1832 Asset Management L.P. increased its holdings in shares of AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company's stock valued at $124,522,000 after purchasing an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC lifted its stake in shares of AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company's stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in AppLovin by 31.3% during the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company's stock worth $306,897,000 after buying an additional 560,560 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 17,925 shares of the business's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the sale, the insider now directly owns 405,676 shares in the company, valued at approximately $143,670,155.40. The trade was a 4.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 872,896 shares of company stock valued at $279,773,021 over the last ninety days. Corporate insiders own 14.69% of the company's stock.

AppLovin Stock Down 0.5 %

Shares of NASDAQ:APP traded down $1.74 during mid-day trading on Friday, hitting $324.47. 4,704,074 shares of the company traded hands, compared to its average volume of 4,585,837. The firm's 50 day simple moving average is $246.00 and its 200 day simple moving average is $144.80. The firm has a market cap of $108.89 billion, a P/E ratio of 98.32, a PEG ratio of 4.17 and a beta of 2.28. 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 52-week low of $37.40 and a 52-week high of $417.64.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm's quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 EPS. On average, equities analysts anticipate that AppLovin Co. will post 4.06 EPS for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of research analyst reports. Macquarie boosted their target price on AppLovin from $270.00 to $450.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Loop Capital increased their price objective on shares of AppLovin from $181.00 to $385.00 and gave the company a "buy" rating in a research note on Monday, November 11th. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $160.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Thursday, November 7th. Finally, Citigroup raised their price objective on shares of AppLovin from $335.00 to $460.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $292.79.

AppLovin 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.