Moore Capital Management LP boosted its stake in AppLovin Corporation (NASDAQ:APP – Free Report) by 427.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 4,041 shares of the company’s stock after acquiring an additional 3,275 shares during the period. Moore Capital Management LP’s holdings in AppLovin were worth $2,082,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of APP. Two Sigma Securities LLC acquired a new stake in shares of AppLovin during the second quarter valued at $402,000. Northwestern Mutual Wealth Management Co. raised its stake in AppLovin by 12.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 133,659 shares of the company’s stock valued at $68,865,000 after purchasing an additional 14,920 shares during the last quarter. Rational Advisors Inc. lifted its holdings in AppLovin by 29.7% in the 2nd quarter. Rational Advisors Inc. now owns 4,423 shares of the company’s stock valued at $2,279,000 after purchasing an additional 1,012 shares in the last quarter. Greenleaf Trust lifted its holdings in AppLovin by 5.8% in the 2nd quarter. Greenleaf Trust now owns 3,540 shares of the company’s stock valued at $1,824,000 after purchasing an additional 194 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of AppLovin by 7.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,735,471 shares of the company’s stock worth $894,167,000 after purchasing an additional 121,605 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.
Insider Transactions at AppLovin
In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the transaction, the director owned 120,444 shares in the company, valued at approximately $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin 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 transaction, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 294,228 shares of company stock valued at $148,403,985. 12.81% of the stock is currently owned by company insiders.
AppLovin Trading Down 1.8%
AppLovin (NASDAQ:APP – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the firm earned $2.39 earnings per share. The firm’s revenue for the quarter was up 52.8% compared to the same quarter last year. On average, equities research analysts expect that AppLovin Corporation will post 15.53 EPS for the current year.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Piper Sandler dropped their target price on AppLovin from $385.00 to $325.00 and set a “neutral” rating for the company in a research note on Friday, August 21st. Needham & Company LLC reduced their target price on AppLovin from $500.00 to $475.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. The Goldman Sachs Group decreased their price target on AppLovin from $585.00 to $465.00 and set a “neutral” rating on the stock in a research note on Thursday, August 6th. Finally, Raymond James Financial started coverage on AppLovin in a report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $552.74.
AppLovin Profile
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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