OceanIQ Capital LLC bought a new position in AppLovin Corporation (NASDAQ:APP – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,523 shares of the company’s stock, valued at approximately $1,300,000. AppLovin makes up about 0.8% of OceanIQ Capital LLC’s portfolio, making the stock its 20th largest holding.
Several other hedge funds also recently modified their holdings of the business. Cassaday & Co Wealth Management LLC acquired a new stake in shares of AppLovin in the 1st quarter valued at $25,000. Washington Trust Advisors Inc. increased its position in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new position in AppLovin during the fourth quarter worth $27,000. Pioneer Family Office LLC bought a new position in AppLovin during the second quarter valued at about $31,000. Finally, First Pacific Financial acquired a new stake in shares of AppLovin in the first quarter worth about $33,000. Institutional investors and hedge funds own 41.85% of the company’s stock.
Analyst Upgrades and Downgrades
APP has been the subject of several recent analyst reports. William Blair set a $440.00 price target on AppLovin in a research note on Monday, August 17th. Phillip Securities raised AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada reduced their target price on AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Raymond James Financial started coverage on AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 target price for the company. Finally, Wells Fargo & Company lowered their price target on AppLovin from $357.00 to $325.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 19th. Three 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $538.61.
AppLovin Price Performance
Shares of NASDAQ:APP opened at $320.56 on Friday. The company has a market cap of $107.28 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 0.66 and a beta of 2.49. The business has a 50 day moving average price of $394.59 and a 200 day moving average price of $440.28. 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 twelve month low of $297.50 and a twelve month high of $745.61.
AppLovin (NASDAQ:APP – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business posted $2.39 EPS. The company’s revenue for the quarter was up 52.8% on a year-over-year basis. Research analysts predict that AppLovin Corporation will post 15.53 earnings per share for the current year.
Insider Activity at AppLovin
In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director G Jr sold 3,076 shares of AppLovin stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director directly 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 SEC filing for this sale provides additional information. Insiders sold a total of 271,152 shares of company stock worth $135,295,830 in the last ninety days. 12.81% of the stock is currently owned by insiders.
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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