VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of AppLovin Corporation (NASDAQ:APP – Free Report) during the second quarter, HoldingsChannel.com reports. The fund purchased 108,123 shares of the company’s stock, valued at approximately $55,708,000.
A number of other hedge funds also recently made changes to their positions in the stock. Washington Trust Advisors Inc. increased its holdings in shares of AppLovin by 160.0% during the 4th 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. purchased a new position in shares of AppLovin in the 4th quarter worth $27,000. Osbon Capital Management LLC acquired a new position in AppLovin in the fourth quarter valued at $36,000. Dogwood Wealth Management LLC boosted its holdings in AppLovin by 84.4% in the fourth quarter. Dogwood Wealth Management LLC now owns 59 shares of the company’s stock valued at $40,000 after acquiring an additional 27 shares during the last quarter. Finally, IMA Advisory Services Inc. grew its position in AppLovin by 185.7% during the fourth quarter. IMA Advisory Services Inc. now owns 60 shares of the company’s stock valued at $40,000 after acquiring an additional 39 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.
AppLovin Stock Performance
NASDAQ:APP opened at $320.56 on Monday. The business’s 50-day moving average is $394.59 and its two-hundred day moving average is $440.62. The firm has a market capitalization of $107.28 billion, a PE ratio of 24.64, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. AppLovin Corporation has a 12 month low of $297.50 and a 12 month high of $745.61. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30.
Insider Activity
In related news, CEO Arash Foroughi sold 19,123 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $482.02, for a total value of $9,217,668.46. Following the transaction, the chief executive officer owned 2,350,228 shares in the company, valued at approximately $1,132,856,900.56. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 271,152 shares of company stock worth $135,295,830 over the last ninety days. Corporate insiders own 12.81% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have commented on APP. Citigroup dropped their price target on AppLovin from $710.00 to $650.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Scotiabank reiterated a “sector outperform” rating and set a $515.00 target price on shares of AppLovin in a report on Thursday, August 6th. Benchmark dropped their target price on shares of AppLovin from $500.00 to $440.00 and set a “buy” rating for the company in a research report on Monday, August 17th. Wedbush cut their price target on shares of AppLovin from $640.00 to $610.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $510.00 price target on shares of AppLovin in a research report on Tuesday, September 1st. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $538.61.
Get Our Latest Stock Analysis on AppLovin
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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