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.
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.
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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