Empowered Funds LLC Has $11.70 Million Stock Position in AppLovin Co. (NASDAQ:APP)

Empowered Funds LLC boosted its position in AppLovin Co. (NASDAQ:APP) by 394.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 89,635 shares of the company’s stock after purchasing an additional 71,514 shares during the period. Empowered Funds LLC’s holdings in AppLovin were worth $11,702,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new stake in AppLovin during the third quarter worth approximately $25,000. DT Investment Partners LLC bought a new position in AppLovin in the third quarter valued at approximately $27,000. Raleigh Capital Management Inc. bought a new position in AppLovin in the third quarter valued at approximately $29,000. Quest Partners LLC bought a new position in AppLovin in the second quarter valued at approximately $33,000. Finally, Oliver Lagore Vanvalin Investment Group bought a new stake in shares of AppLovin during the second quarter worth $34,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APP has been the topic of a number of research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. 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. 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. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. Finally, Bank of America boosted their target price on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $194.31.

AppLovin Stock Down 0.6 %

AppLovin stock traded down $1.82 during trading hours on Friday, hitting $282.67. The stock had a trading volume of 423,934 shares, compared to its average volume of 4,294,568. 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 stock has a market capitalization of $94.48 billion, a P/E ratio of 86.21, a price-to-earnings-growth ratio of 3.49 and a beta of 1.86. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $302.55. The stock’s 50-day moving average price is $155.01 and its 200-day moving average price is $107.06.

AppLovin (NASDAQ:APP) last released 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 during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the company earned $0.30 earnings per share. The firm’s quarterly revenue was up 38.6% on a year-over-year basis. Equities research analysts anticipate that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CMO Katie Kihorany Jansen sold 59,876 shares of the company’s stock in a transaction 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 transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. This represents a 5.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the transaction, the insider now owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This trade represents a 3.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 235,542 shares of company stock valued at $32,012,275. Insiders own 14.69% of the company’s stock.

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.