Louisiana State Employees Retirement System bought a new stake in shares of AppLovin Corporation (NASDAQ:APP – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 34,000 shares of the company’s stock, valued at approximately $13,532,000.
Other hedge funds also recently bought and sold shares of the company. Revolve Wealth Partners LLC bought a new stake in AppLovin during the fourth quarter valued at about $294,000. Bison Wealth LLC bought a new position in shares of AppLovin in the fourth quarter worth about $239,000. Integrated Wealth Concepts LLC grew its position in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after purchasing an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after purchasing an additional 9,380 shares during the period. Institutional investors own 41.85% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms recently commented on APP. Benchmark reissued a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Citigroup reissued a “buy” rating on shares of AppLovin in a report on Monday. Wells Fargo & Company upped their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Arete Research set a $340.00 target price on shares of AppLovin and gave the company a “neutral” rating in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $669.62.
Insider Buying and Selling
In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the sale, the director owned 123,520 shares in the company, valued at approximately $71,893,580.80. This trade represents a 2.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 in the last three months. Corporate insiders own 13.66% of the company’s stock.
AppLovin Stock Performance
NASDAQ APP opened at $445.93 on Friday. The stock has a market capitalization of $149.81 billion, a PE ratio of 38.31, a P/E/G ratio of 0.76 and a beta of 2.45. The business has a 50 day simple moving average of $496.75 and a two-hundred day simple moving average of $511.12. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a 1-year low of $325.58 and a 1-year high of $745.61.
AppLovin (NASDAQ:APP – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 EPS. On average, research analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.
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.
Read More
- Five stocks we like better than AppLovin
- MDA Space Targets US Defense Market With $620M Acquisition
- Carnival’s Second Quarter: Is the Stock Still Complicated?
- Domino’s Stock Slides to 52-Week Low as Investors Digest CEO Change
- Microsoft Solves AI’s Biggest Bottleneck With Chevron Deal
Receive News & Ratings for AppLovin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AppLovin and related companies with MarketBeat.com's FREE daily email newsletter.
