Brooklyn Investment Group Invests $324,000 in AppLovin Co. (NASDAQ:APP)

Brooklyn Investment Group acquired a new stake in shares of AppLovin Co. (NASDAQ:APP) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 2,484 shares of the company’s stock, valued at approximately $324,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after purchasing an additional 6,801,138 shares during the period. Fred Alger Management LLC bought a new position in shares of AppLovin in the second quarter valued at approximately $290,655,000. 1832 Asset Management L.P. grew its stake in AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after acquiring an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC grew its stake 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 acquiring an additional 1,029,009 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its holdings in AppLovin by 2,200.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the period. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 3.2 %

NASDAQ APP opened at $329.77 on Wednesday. AppLovin Co. has a 1 year low of $35.79 and a 1 year high of $344.77. The stock has a market capitalization of $110.67 billion, a PE ratio of 99.93, a PEG ratio of 4.11 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The business’s 50-day moving average is $185.37 and its 200 day moving average is $119.37.

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

Analyst Ratings Changes

Several research firms have recently weighed in on APP. Bank of America upped their price target on shares of AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a report on Monday. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and upped their target price for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Loop Capital lifted their price objective on shares of AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Finally, Oppenheimer upped their target price on shares of AppLovin from $260.00 to $480.00 and gave the stock an “outperform” rating in a research report on Monday. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.57.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $86.04, for a total transaction of $473,220.00. Following the transaction, the chief technology officer now owns 4,536,447 shares in the company, valued at approximately $390,315,899.88. This represents a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 21,101 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $332.67, for a total value 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 $70,970,487.12. This represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,065 shares of company stock worth $233,072,408 over the last quarter. Corporate insiders own 14.69% of the company’s stock.

AppLovin 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.