Franklin Resources Inc. Invests $154.70 Million in AppLovin Co. (NYSE:APP)

Franklin Resources Inc. bought a new position in shares of AppLovin Co. (NYSE:APP) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,057,955 shares of the company’s stock, valued at approximately $154,696,000.

Several other large investors also recently added to or reduced their stakes in APP. Banque Cantonale Vaudoise bought a new stake in shares of AppLovin during the 2nd quarter valued at $38,000. Sandy Spring Bank acquired a new position in shares of AppLovin during the 2nd quarter worth $75,000. Citigroup Inc. acquired a new position in shares of AppLovin during the 2nd quarter worth $102,000. Victory Capital Management Inc. acquired a new position in shares of AppLovin during the 2nd quarter worth $302,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of AppLovin during the 2nd quarter worth $375,000. Hedge funds and other institutional investors own 35.80% of the company’s stock.

Shares of AppLovin stock opened at $88.01 on Thursday. AppLovin Co. has a one year low of $49.41 and a one year high of $90.03. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.85 and a current ratio of 2.85. The company’s 50-day simple moving average is $72.24.

AppLovin (NYSE:APP) last announced its quarterly earnings results on Tuesday, August 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $668.81 million during the quarter, compared to analyst estimates of $641.78 million. Equities research analysts expect that AppLovin Co. will post 0.26 earnings per share for the current fiscal year.

In other news, CFO Herald Y. Chen bought 25,000 shares of the firm’s stock in a transaction on Tuesday, August 17th. The stock was acquired at an average cost of $60.00 per share, with a total value of $1,500,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 1,930 shares of the firm’s stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $72.00, for a total value of $138,960.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 276,869 shares of company stock valued at $21,302,532. Company insiders own 1.90% of the company’s stock.

APP has been the subject of a number of research analyst reports. Oppenheimer boosted their price target on AppLovin from $75.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, October 7th. Morgan Stanley boosted their price target on AppLovin from $60.00 to $80.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 29th. JPMorgan Chase & Co. upped their target price on AppLovin from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, September 23rd. Macquarie assumed coverage on AppLovin in a report on Tuesday, August 31st. They issued an “outperform” rating and a $90.00 target price for the company. Finally, Stifel Nicolaus raised AppLovin from a “hold” rating to a “buy” rating and upped their target price for the stock from $65.00 to $90.00 in a report on Thursday, September 9th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $82.54.

About AppLovin

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for business clients; and MAX, an in-app bidding solution that optimizes purchases of app ad inventory.

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Institutional Ownership by Quarter for AppLovin (NYSE:APP)

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