EFG Asset Management North America Corp. Has $6.35 Million Position in AppLovin Corporation $APP

EFG Asset Management North America Corp. increased its stake in AppLovin Corporation (NASDAQ:APP) by 156.3% in the 2nd quarter, Holdings Channel reports. The firm owned 18,141 shares of the company’s stock after purchasing an additional 11,062 shares during the period. AppLovin accounts for approximately 0.9% of EFG Asset Management North America Corp.’s holdings, making the stock its 21st biggest position. EFG Asset Management North America Corp.’s holdings in AppLovin were worth $6,348,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of APP. Revolve Wealth Partners LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $239,000. DAVENPORT & Co LLC increased its position in shares of AppLovin by 15.3% during the first quarter. DAVENPORT & Co LLC now owns 2,058 shares of the company’s stock valued at $545,000 after purchasing an additional 273 shares during the period. Principal Financial Group Inc. boosted its stake in AppLovin by 33.5% in the 1st quarter. Principal Financial Group Inc. now owns 78,928 shares of the company’s stock valued at $20,914,000 after buying an additional 19,822 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in AppLovin by 37.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 2,906 shares of the company’s stock valued at $770,000 after buying an additional 790 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares in the company, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,156,788 shares of company stock worth $514,863,333. Company insiders own 13.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Phillip Securities raised AppLovin to a “moderate buy” rating in a research note on Monday, September 29th. Zacks Research lowered AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. boosted their price target on AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Piper Sandler boosted their price target on AppLovin from $500.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. Finally, Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.39.

AppLovin Trading Down 3.7%

Shares of APP opened at $608.68 on Wednesday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 12-month low of $160.52 and a 12-month high of $745.61. The firm has a market capitalization of $205.89 billion, a PE ratio of 86.46, a price-to-earnings-growth ratio of 3.43 and a beta of 2.50. The stock’s fifty day simple moving average is $596.21 and its 200-day simple moving average is $445.26.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The firm’s revenue for the quarter was up 77.1% compared to the same quarter last year. As a group, research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

AppLovin Company Profile

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.