AppLovin Co. (NASDAQ:APP) Shares Purchased by Raymond James Trust N.A.

Raymond James Trust N.A. raised its stake in AppLovin Co. (NASDAQ:APP) by 25.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,279 shares of the company’s stock after acquiring an additional 672 shares during the period. Raymond James Trust N.A.’s holdings in AppLovin were worth $428,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Eagle Asset Management Inc. lifted its holdings in shares of AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after purchasing an additional 500,407 shares during the last quarter. Blackhawk Capital Partners LLC. acquired a new position in shares of AppLovin during the third quarter valued at $305,000. Citizens Financial Group Inc. RI bought a new position in shares of AppLovin during the third quarter worth about $251,000. First Horizon Advisors Inc. grew its position in shares of AppLovin by 29.6% during the third quarter. First Horizon Advisors Inc. now owns 2,332 shares of the company’s stock worth $304,000 after acquiring an additional 533 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of AppLovin by 89.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 681 shares of the company’s stock worth $89,000 after acquiring an additional 322 shares during the period. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Performance

Shares of APP opened at $329.77 on Wednesday. AppLovin Co. has a one year low of $35.79 and a one year high of $344.77. The company has a 50-day moving average of $185.37 and a two-hundred day moving average of $119.37. 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 stock has a market cap of $110.67 billion, a price-to-earnings ratio of 99.93, a PEG ratio of 4.11 and a beta of 1.86.

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

Insider Activity

In other AppLovin news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin 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 sale, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 154,500 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction 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 ownership of the stock. 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 corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $100.00 to $145.00 in a research report on Tuesday, September 17th. Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. BTIG Research lifted their target price on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. Finally, Piper Sandler started coverage on shares of AppLovin in a research note on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.57.

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.