Corsair Capital Management L.P. Makes New $653,000 Investment in AppLovin Co. (NASDAQ:APP)

Corsair Capital Management L.P. purchased a new stake in AppLovin Co. (NASDAQ:APP) in the 3rd quarter, HoldingsChannel reports. The fund purchased 5,000 shares of the company’s stock, valued at approximately $653,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CreativeOne Wealth LLC acquired a new position in shares of AppLovin during the third quarter worth approximately $908,000. Bridgewater Associates LP raised its holdings in AppLovin by 337.9% during the third quarter. Bridgewater Associates LP now owns 265,590 shares of the company’s stock worth $34,673,000 after buying an additional 204,943 shares during the last quarter. Freedom Investment Management Inc. acquired a new position in AppLovin during the third quarter worth $231,000. Townsquare Capital LLC grew its holdings in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after buying an additional 3,126 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of AppLovin during the third quarter worth about $324,000. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on APP. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. Jefferies Financial Group raised their price target on shares of AppLovin from $270.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday. Oppenheimer upped their price objective on AppLovin from $260.00 to $480.00 and gave the company an “outperform” rating in a research note on Monday. Loop Capital upped their price target on AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $265.57.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The trade was a 12.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 154,500 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $84.14, for a total value of $12,999,630.00. Following the completion of the transaction, the chief technology officer now directly owns 4,530,455 shares in the company, valued at $381,192,483.70. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 854,065 shares of company stock worth $233,072,408. 14.69% of the stock is owned by insiders.

AppLovin Stock Down 0.2 %

Shares of AppLovin stock opened at $329.00 on Wednesday. AppLovin Co. has a 1 year low of $35.79 and a 1 year high of $344.77. 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 company has a 50-day moving average of $185.37 and a 200 day moving average of $119.37. The firm has a market cap of $110.41 billion, a price-to-earnings ratio of 99.93, a PEG ratio of 3.94 and a beta of 1.86.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) 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 business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the business earned $0.30 EPS. The business’s revenue for the quarter was up 38.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that AppLovin Co. will post 4.05 earnings per share for the current fiscal year.

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.