Bridgewater Associates LP Purchases 204,943 Shares of AppLovin Co. (NASDAQ:APP)

Bridgewater Associates LP lifted its position in AppLovin Co. (NASDAQ:APP) by 337.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 265,590 shares of the company’s stock after acquiring an additional 204,943 shares during the period. Bridgewater Associates LP’s holdings in AppLovin were worth $34,673,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in AppLovin in the 3rd quarter valued at approximately $25,000. DT Investment Partners LLC purchased a new position in shares of AppLovin in the third quarter worth $27,000. Meeder Asset Management Inc. bought a new position in shares of AppLovin during the third quarter valued at $27,000. Raleigh Capital Management Inc. bought a new stake in AppLovin in the 3rd quarter worth about $29,000. Finally, Quest Partners LLC purchased a new position in AppLovin in the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Citigroup lifted their price target on shares of AppLovin from $185.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Macquarie lifted their target price on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. BTIG Research increased their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Benchmark reissued a “sell” rating and issued a $66.00 target price on shares of AppLovin in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $265.57.

AppLovin Price Performance

NASDAQ:APP opened at $329.77 on Wednesday. The stock has a market cap of $110.67 billion, a PE ratio of 99.93, a P/E/G ratio of 3.94 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. The business’s 50-day simple moving average is $185.37 and its two-hundred day simple moving average is $119.37. AppLovin Co. has a 52 week low of $35.79 and a 52 week high of $344.77.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the firm earned $0.30 EPS. The firm’s revenue was up 38.6% compared to the same quarter last year. As a group, analysts forecast that AppLovin Co. will post 4.05 EPS for the current fiscal year.

Insider Activity at AppLovin

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at $291,115,402.32. The trade was a 5.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Matthew Stumpf sold 21,101 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the transaction, the chief financial officer now directly owns 213,336 shares of the company’s stock, valued at approximately $70,970,487.12. The trade was a 9.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 854,065 shares of company stock valued at $233,072,408. Corporate 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.