Nuveen Asset Management LLC Boosts Stock Position in AppLovin Co. (NYSE:APP)

Posted by on Mar 8th, 2023

Nuveen Asset Management LLC lifted its position in AppLovin Co. (NYSE:APP – Get Rating) by 35.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 620,772 shares of the company’s stock after purchasing an additional 162,995 shares during the quarter. Nuveen Asset Management LLC owned 0.17% of AppLovin worth $12,099,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of AppLovin by 99.0% in the 1st quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock worth $54,000 after purchasing an additional 488 shares in the last quarter. Quantbot Technologies LP purchased a new stake in AppLovin during the 1st quarter valued at about $74,000. US Bancorp DE boosted its holdings in AppLovin by 1,467.0% during the 2nd quarter. US Bancorp DE now owns 1,567 shares of the company’s stock valued at $54,000 after acquiring an additional 1,467 shares during the period. Wipfli Financial Advisors LLC purchased a new stake in AppLovin during the 3rd quarter valued at about $31,000. Finally, Point72 Hong Kong Ltd purchased a new stake in AppLovin during the 2nd quarter valued at about $55,000. 38.19% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Down 1.2 %

APP stock opened at $13.44 on Wednesday. AppLovin Co. has a twelve month low of $9.14 and a twelve month high of $58.27. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 1.68. The firm has a market cap of $5.00 billion, a PE ratio of -25.85, a price-to-earnings-growth ratio of 2.89 and a beta of 1.85. The business has a 50 day moving average of $12.62 and a 200 day moving average of $15.96.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $14.77, for a total transaction of $369,250.00. Following the completion of the transaction, the insider now owns 961,382 shares of the company’s stock, valued at approximately $14,199,612.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Victoria Valenzuela sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $14.77, for a total transaction of $369,250.00. Following the completion of the transaction, the insider now owns 961,382 shares of the company’s stock, valued at approximately $14,199,612.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 373,668 shares of the stock in a transaction on Monday, December 12th. The shares were sold at an average price of $10.56, for a total value of $3,945,934.08. The disclosure for this sale can be found here. Insiders sold a total of 772,335 shares of company stock valued at $8,193,848 in the last 90 days. Corporate insiders own 12.78% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of several analyst reports. KeyCorp dropped their target price on AppLovin from $25.00 to $20.00 and set an “overweight” rating for the company in a report on Monday, February 6th. Wedbush restated an “outperform” rating and set a $23.00 target price on shares of AppLovin in a report on Thursday, February 9th. Oppenheimer increased their target price on AppLovin from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, February 9th. The Goldman Sachs Group lowered their price target on AppLovin from $33.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, January 19th. Finally, BTIG Research lowered AppLovin from a “buy” rating to a “neutral” rating in a research report on Thursday, December 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.12.

AppLovin Company Profile

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.

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Institutional Ownership by Quarter for AppLovin (NYSE:APP)

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