M&T Bank Corp Purchases 12,901 Shares of AppLovin Co. (NASDAQ:APP)

M&T Bank Corp boosted its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 54.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,799 shares of the company's stock after acquiring an additional 12,901 shares during the quarter. M&T Bank Corp's holdings in AppLovin were worth $4,805,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. WCM Investment Management LLC increased 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 worth $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. FMR LLC raised its stake in shares of AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company's stock worth $1,030,462,000 after purchasing an additional 6,801,138 shares in the last quarter. Lone Pine Capital LLC lifted its holdings in shares of AppLovin by 7.2% during the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company's stock valued at $474,557,000 after buying an additional 382,767 shares during the last quarter. State Street Corp grew its stake in shares of AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company's stock valued at $703,406,000 after buying an additional 428,419 shares in the last quarter. Finally, Fred Alger Management LLC increased its holdings in AppLovin by 1.3% in the third quarter. Fred Alger Management LLC now owns 3,539,467 shares of the company's stock worth $462,077,000 after buying an additional 46,854 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

AppLovin stock traded down $1.74 during mid-day trading on Friday, reaching $324.47. The company had a trading volume of 4,700,745 shares, compared to its average volume of 4,585,837. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $108.89 billion, a price-to-earnings ratio of 98.32, a PEG ratio of 4.17 and a beta of 2.28. The company has a 50 day moving average of $242.30 and a 200-day moving average of $142.69. 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 earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same quarter last year, the company earned $0.30 earnings per share. The firm's revenue was up 38.6% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, CFO Herald Y. Chen sold 400 shares of the company's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the sale, the chief financial officer now owns 207,649 shares of the company's stock, valued at $76,032,757.84. The trade was a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 500 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $406.27, for a total transaction of $203,135.00. Following the transaction, the director now owns 6,684 shares of the company's stock, valued at approximately $2,715,508.68. This represents a 6.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 872,896 shares of company stock valued at $279,773,021. 14.69% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on APP shares. Jefferies Financial Group lifted their target price on shares of AppLovin from $270.00 to $400.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Thursday, November 7th. Daiwa America upgraded AppLovin from a "hold" rating to a "strong-buy" rating in a report on Friday, November 8th. The Goldman Sachs Group downgraded AppLovin from a "buy" rating to a "neutral" rating and upped their price target for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. Finally, UBS Group raised AppLovin from a "neutral" rating to a "buy" rating and raised their price objective for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $292.79.

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.