Metis Global Partners LLC Buys Shares of 2,609 AppLovin Co. (NASDAQ:APP)

Metis Global Partners LLC acquired a new stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,609 shares of the company's stock, valued at approximately $341,000.

A number of other hedge funds have also recently bought and sold shares of APP. Fred Alger Management LLC acquired a new stake in AppLovin during the 2nd quarter valued at approximately $290,655,000. Whale Rock Capital Management LLC acquired a new position in shares of AppLovin in the 1st quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. grew its position in shares of AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company's stock worth $269,305,000 after acquiring an additional 2,525,240 shares in the last quarter. 1832 Asset Management L.P. grew its position 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 worth $124,522,000 after acquiring an additional 1,357,400 shares in the last quarter. Finally, WCM Investment Management LLC grew its position in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company's stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on APP shares. Macquarie lifted their target price on AppLovin from $150.00 to $270.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Oppenheimer lifted their target price on AppLovin from $180.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. The Goldman Sachs Group lowered AppLovin from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. BTIG Research lifted their target price on AppLovin from $202.00 to $291.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Daiwa Capital Markets upgraded AppLovin from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $80.00 to $280.00 in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $203.13.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 5,500 shares of the company's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $86.04, for a total transaction of $473,220.00. Following the transaction, the chief technology officer now directly owns 4,536,447 shares of the company's stock, valued at approximately $390,315,899.88. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 14,166 shares of the company's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the transaction, the insider now directly owns 352,616 shares in the company, valued at $31,728,387.68. The trade was a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 235,542 shares of company stock valued at $32,012,275 over the last three months. Company insiders own 14.69% of the company's stock.

AppLovin Stock Performance

APP stock traded up $23.19 during trading on Tuesday, reaching $321.19. 5,592,030 shares of the company's stock were exchanged, compared to its average volume of 4,412,029. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $323.59. The company's fifty day moving average price is $168.07 and its 200-day moving average price is $112.43. The firm has a market cap of $107.79 billion, a PE ratio of 97.33, a P/E/G ratio of 3.58 and a beta of 1.86.

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

About AppLovin

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.