Clearbridge Investments LLC Purchases 1,877 Shares of AppLovin Co. (NYSE:APP)

Posted by Defense World Staff on May 29th, 2023

Clearbridge Investments LLC grew its position in AppLovin Co. (NYSE:APP – Get Rating) by 3.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 58,875 shares of the company’s stock after buying an additional 1,877 shares during the period. Clearbridge Investments LLC’s holdings in AppLovin were worth $620,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in APP. JPMorgan Chase & Co. raised its holdings in AppLovin by 99.0% in the 1st quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock worth $54,000 after acquiring an additional 488 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of AppLovin during the first quarter valued at $74,000. Point72 Hong Kong Ltd bought a new stake in AppLovin in the 2nd quarter worth about $55,000. Macquarie Group Ltd. purchased a new position in AppLovin in the 2nd quarter worth about $71,000. Finally, Covestor Ltd bought a new position in AppLovin during the 1st quarter valued at about $116,000. Institutional investors own 38.19% of the company’s stock.

Insider Activity

In other news, major shareholder Denali Holdings L.P. Kkr sold 15,952,381 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $21.00, for a total value of $335,000,001.00. Following the transaction, the insider now owns 44,782,619 shares of the company’s stock, valued at $940,434,999. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other AppLovin news, CMO Katie Kihorany Jansen sold 65,155 shares of AppLovin stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $13.78, for a total value of $897,835.90. Following the sale, the chief marketing officer now owns 1,564,539 shares of the company’s stock, valued at approximately $21,559,347.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Denali Holdings L.P. Kkr sold 15,952,381 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $21.00, for a total value of $335,000,001.00. Following the transaction, the insider now owns 44,782,619 shares of the company’s stock, valued at $940,434,999. The disclosure for this sale can be found here. Insiders have sold a total of 16,184,896 shares of company stock worth $339,174,139 over the last quarter. Insiders own 12.78% of the company’s stock.

AppLovin Stock Performance

Shares of APP stock opened at $24.05 on Monday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.31 and a current ratio of 3.31. The stock has a fifty day simple moving average of $17.80 and a two-hundred day simple moving average of $14.42. The firm has a market capitalization of $8.77 billion, a PE ratio of -109.32, a PEG ratio of 3.46 and a beta of 1.94. AppLovin Co. has a 52-week low of $9.14 and a 52-week high of $44.76.

AppLovin (NYSE:APP – Get Rating) last released its earnings results on Wednesday, May 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.06). AppLovin had a negative return on equity of 0.15% and a negative net margin of 2.82%. The business had revenue of $715.41 million for the quarter, compared to analysts’ expectations of $693.58 million. On average, analysts predict that AppLovin Co. will post 0.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Oppenheimer lifted their price target on shares of AppLovin from $15.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, February 9th. Credit Suisse Group decreased their target price on shares of AppLovin from $57.00 to $47.00 and set an “outperform” rating for the company in a research note on Wednesday, February 8th. Truist Financial raised their price target on AppLovin from $20.00 to $25.00 in a research note on Friday, May 12th. Citigroup reduced their price objective on AppLovin from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 14th. Finally, DA Davidson boosted their price target on AppLovin from $28.00 to $32.00 in a research note on Thursday, May 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $24.94.

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.