Victory Capital Management Inc. Has $48.94 Million Stake in AppLovin Co. (NASDAQ:APP)

Victory Capital Management Inc. increased its holdings in AppLovin Co. (NASDAQ:APP) by 45.5% in the third quarter, Holdings Channel reports. The institutional investor owned 374,892 shares of the company’s stock after buying an additional 117,186 shares during the period. Victory Capital Management Inc.’s holdings in AppLovin were worth $48,942,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APP. WCM Investment Management LLC raised its position in AppLovin by 10.5% during 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 in the last quarter. Lone Pine Capital LLC raised its position in AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after purchasing an additional 382,767 shares in the last quarter. Jericho Capital Asset Management L.P. grew its stake in shares of AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares during the last quarter. Fred Alger Management LLC bought a new stake in shares of AppLovin during the second quarter worth $290,655,000. Finally, Whale Rock Capital Management LLC bought a new stake in shares of AppLovin during the first quarter worth $195,129,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s 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 completion of the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 154,500 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the sale, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 235,542 shares of company stock worth $32,012,275 in the last quarter. Insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

APP has been the topic of a number of research reports. Wells Fargo & Company initiated coverage on shares of AppLovin in a research note on Monday, October 28th. They set an “overweight” rating and a $200.00 target price on the stock. UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $100.00 to $145.00 in a research note on Tuesday, September 17th. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Wedbush reaffirmed an “outperform” rating and set a $270.00 target price (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Finally, Jefferies Financial Group boosted their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $194.31.

AppLovin Price Performance

APP stock opened at $291.09 on Friday. The company’s fifty day simple moving average is $159.14 and its 200 day simple moving average is $108.57. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $302.55. The firm has a market cap of $97.30 billion, a price-to-earnings ratio of 88.21, a PEG ratio of 3.49 and a beta of 1.86. 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 (NASDAQ:APP) last announced its quarterly earnings data 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 firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business earned $0.30 earnings per share. The business’s quarterly revenue was up 38.6% compared to the same quarter last year. On average, analysts expect that AppLovin Co. will post 4.06 earnings per share 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.