Range Financial Group LLC Increases Holdings in AppLovin Corporation $APP

Range Financial Group LLC lifted its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 406.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,070 shares of the company’s stock after purchasing an additional 4,871 shares during the period. AppLovin comprises approximately 1.4% of Range Financial Group LLC’s investment portfolio, making the stock its 13th largest holding. Range Financial Group LLC’s holdings in AppLovin were worth $4,090,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in AppLovin by 39.4% during the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after buying an additional 7,051,663 shares during the last quarter. State Street Corp boosted its stake in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the last quarter. Invesco Ltd. boosted its stake in AppLovin by 9.4% in the third quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock valued at $3,084,514,000 after acquiring an additional 367,083 shares during the last quarter. Jennison Associates LLC grew its position in shares of AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after acquiring an additional 1,381,970 shares during the period. Finally, Kensico Capital Management Corp increased its stake in shares of AppLovin by 3.1% during the 3rd quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock worth $2,240,767,000 after purchasing an additional 95,000 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Trading Down 2.4%

NASDAQ:APP opened at $372.08 on Tuesday. The company has a market cap of $125.50 billion, a P/E ratio of 38.16, a P/E/G ratio of 0.66 and a beta of 2.51. The stock’s fifty day moving average price is $451.84 and its two-hundred day moving average price is $568.27. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.32.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.35. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the business earned $1.73 earnings per share. The firm’s quarterly revenue was up 66.0% compared to the same quarter last year. As a group, analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the sale, the chief executive officer directly owned 2,480,414 shares of the company’s stock, valued at approximately $1,155,972,140.56. This represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the completion of the transaction, the director owned 6,969,382 shares of the company’s stock, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 365,244 shares of company stock worth $169,584,607 in the last quarter. 13.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on APP. Jefferies Financial Group lowered their price target on shares of AppLovin from $860.00 to $700.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Royal Bank Of Canada reissued an “outperform” rating and issued a $700.00 target price on shares of AppLovin in a research report on Thursday, February 12th. Evercore restated a “buy” rating on shares of AppLovin in a research note on Friday, January 30th. Wells Fargo & Company cut their price target on AppLovin from $735.00 to $543.00 and set an “overweight” rating for the company in a research note on Thursday, February 12th. Finally, Citigroup decreased their price objective on AppLovin from $820.00 to $710.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $668.20.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.