Oppenheimer Asset Management Inc. Acquires 2,385 Shares of AppLovin Co. (NASDAQ:APP)

Oppenheimer Asset Management Inc. grew its position in AppLovin Co. (NASDAQ:APP - Free Report) by 10.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,351 shares of the company's stock after purchasing an additional 2,385 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in AppLovin were worth $3,440,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of APP. Victory Capital Management Inc. increased its stake in shares of AppLovin by 45.5% in the third quarter. Victory Capital Management Inc. now owns 374,892 shares of the company's stock worth $48,942,000 after purchasing an additional 117,186 shares during the period. Aptus Capital Advisors LLC grew its holdings in AppLovin by 0.3% in the 3rd quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company's stock valued at $4,371,000 after buying an additional 104 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in AppLovin by 37.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 498,534 shares of the company's stock worth $65,084,000 after buying an additional 134,645 shares during the period. Baillie Gifford & Co. acquired a new position in shares of AppLovin during the third quarter worth approximately $9,658,000. Finally, Entropy Technologies LP boosted its position in shares of AppLovin by 60.4% in the third quarter. Entropy Technologies LP now owns 38,676 shares of the company's stock valued at $5,049,000 after acquiring an additional 14,567 shares during the period. Institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

APP stock traded up $6.60 during trading on Friday, hitting $291.09. 24,367,480 shares of the stock traded hands, compared to its average volume of 4,402,378. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a market cap of $97.30 billion, a price-to-earnings ratio of 88.21, a P/E/G ratio of 3.49 and a beta of 1.86. AppLovin Co. has a one year low of $35.79 and a one year high of $302.55. The company has a 50 day simple moving average of $159.14 and a 200 day simple moving average of $108.84.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Daiwa America upgraded shares of AppLovin from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 8th. Oppenheimer upped their price objective on shares of AppLovin from $180.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday, November 7th. Jefferies Financial Group lifted their target price on AppLovin from $105.00 to $108.00 and gave the stock a "buy" rating in a research report on Tuesday, September 10th. UBS Group raised AppLovin from a "neutral" rating to a "buy" rating and upped their price target for the company from $100.00 to $145.00 in a report on Tuesday, September 17th. Finally, Bank of America raised their price objective on AppLovin from $100.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $194.31.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 14,166 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider now owns 352,616 shares of the company's stock, valued at $31,728,387.68. This trade represents a 3.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 154,500 shares of the company's stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total value of $12,999,630.00. Following the transaction, the chief technology officer now directly owns 4,530,455 shares in the company, valued at approximately $381,192,483.70. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 235,542 shares of company stock worth $32,012,275. Insiders own 14.69% of the company's stock.

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.