Valeo Financial Advisors LLC raised its position in AppLovin Corporation (NASDAQ:APP – Free Report) by 223.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,176 shares of the company’s stock after acquiring an additional 1,503 shares during the period. Valeo Financial Advisors LLC’s holdings in AppLovin were worth $1,121,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of APP. Calamos Advisors LLC boosted its position in shares of AppLovin by 73.3% during the 4th quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock valued at $32,840,000 after acquiring an additional 20,609 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in AppLovin by 12.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 195,265 shares of the company’s stock valued at $131,573,000 after acquiring an additional 21,427 shares during the period. North Dakota State Investment Board acquired a new position in AppLovin in the fourth quarter worth about $5,490,000. Fifth Third Bancorp raised its position in AppLovin by 312.0% in the fourth quarter. Fifth Third Bancorp now owns 6,123 shares of the company’s stock worth $4,126,000 after purchasing an additional 4,637 shares in the last quarter. Finally, Revolve Wealth Partners LLC bought a new position in AppLovin during the fourth quarter worth about $294,000. Institutional investors own 41.85% of the company’s stock.
AppLovin Stock Performance
AppLovin stock opened at $339.00 on Tuesday. The stock has a 50-day simple moving average of $468.68 and a 200 day simple moving average of $461.58. The stock has a market capitalization of $113.88 billion, a price-to-earnings ratio of 26.06, a P/E/G ratio of 0.64 and a beta of 2.54. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a 12-month low of $332.19 and a 12-month high of $745.61.
Insider Activity at AppLovin
In other news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 393,000 shares of company stock valued at $197,297,363 in the last three months. 12.81% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research firms have weighed in on APP. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $357.00 price objective (down from $575.00) on shares of AppLovin in a report on Thursday, August 6th. Benchmark cut their target price on AppLovin from $775.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday. KeyCorp set a $775.00 price target on AppLovin in a research note on Wednesday, June 10th. BTIG Research lowered their price target on AppLovin from $640.00 to $574.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Morgan Stanley dropped their price objective on AppLovin from $720.00 to $650.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $574.82.
Get Our Latest Stock Report on APP
Key Headlines Impacting AppLovin
Here are the key news stories impacting AppLovin this week:
- Positive Sentiment: AppLovin reported approximately 53% year-over-year revenue growth in the second quarter, with margins above 75%. Supporters argue that the results demonstrate strong scalability and that the company’s expansion into consumer brands, non-gaming applications, web advertising and connected TV could substantially increase its addressable market. AppLovin: I Am Buying The Q2 Stock Plunge
- Positive Sentiment: Third-quarter guidance was described as upbeat, and some analysts and investors believe the recent pullback may be excessive. A technical analysis article suggested that the downtrend could be ending as the shares consolidate near recent lows. Stock Of The Day: Is This The Bottom For AppLovin?
- Neutral Sentiment: Several Wall Street firms reduced their AppLovin price targets, including Citigroup and Morgan Stanley to $650, RBC to $575, BTIG to $574, Needham to $500 and Bank of America to $430. Wells Fargo reiterated an Equal Weight rating. The target reductions signal lower near-term expectations, although most targets remain above the current trading range. Citigroup Cuts AppLovin Price Target
- Negative Sentiment: The principal pressure on APP is the second-quarter revenue shortfall relative to analyst estimates and a sequential growth slowdown. Investors are concerned that improvements to the company’s machine-learning advertising models may be taking longer than expected, raising questions about execution and the pace of future growth. APP Stock Falls Since Q2 Earnings
- Negative Sentiment: The combination of the revenue miss, execution concerns and multiple analyst target cuts has overshadowed AppLovin’s strong growth, causing the stock to fall about 17% since the earnings release and remain highly volatile. AppLovin Revenue Jumped 53%: Why the Stock Plunged
About AppLovin
AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.
Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.
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