BOCHK Asset Management Ltd Sells 79,681 Shares of AppLovin Corporation $APP

BOCHK Asset Management Ltd trimmed its stake in AppLovin Corporation (NASDAQ:APP) by 99.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 600 shares of the company’s stock after selling 79,681 shares during the period. BOCHK Asset Management Ltd’s holdings in AppLovin were worth $210,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APP. Vanguard Group Inc. increased its position in shares of AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after buying an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. increased its holdings in shares of AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after buying an additional 1,185,859 shares in the last quarter. Invesco Ltd. raised its stake in shares of AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock valued at $1,062,876,000 after acquiring an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp boosted its holdings in shares of AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock worth $762,849,000 after acquiring an additional 328,000 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares in the company, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 30,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the transaction, the chief technology officer owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock valued at $514,863,333 in the last three months. 13.66% of the stock is currently owned by company insiders.

AppLovin Stock Down 2.0%

Shares of NASDAQ APP opened at $704.09 on Thursday. AppLovin Corporation has a 1 year low of $128.50 and a 1 year high of $745.61. The firm’s 50-day moving average is $501.73 and its 200-day moving average is $385.43. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $238.16 billion, a PE ratio of 100.01, a price-to-earnings-growth ratio of 3.94 and a beta of 2.52.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted $0.89 earnings per share. AppLovin’s revenue was up 77.1% compared to the same quarter last year. Equities analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on APP shares. Bank of America raised their price target on AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday. Phillip Securities upgraded AppLovin to a “moderate buy” rating in a research note on Monday. Piper Sandler lifted their price target on AppLovin from $500.00 to $740.00 and gave the company an “overweight” rating in a report on Friday, September 26th. Morgan Stanley increased their price objective on shares of AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a report on Monday. Finally, UBS Group boosted their target price on shares of AppLovin from $540.00 to $810.00 and gave the stock a “buy” rating in a research note on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $578.86.

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.