Dorsey Asset Management LLC Acquires Shares of 316,952 AppLovin Corporation $APP

Dorsey Asset Management LLC acquired a new stake in AppLovin Corporation (NASDAQ:APP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 316,952 shares of the company’s stock, valued at approximately $126,147,000. AppLovin comprises about 10.0% of Dorsey Asset Management LLC’s portfolio, making the stock its 4th largest position. Dorsey Asset Management LLC owned about 0.09% of AppLovin at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Washington Trust Advisors Inc. lifted its position in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new stake in AppLovin during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC acquired a new stake in AppLovin during the 4th quarter worth about $32,000. Osbon Capital Management LLC purchased a new position in shares of AppLovin during the 4th quarter valued at about $36,000. Finally, Dogwood Wealth Management LLC lifted its holdings in shares of AppLovin by 84.4% in the 4th quarter. Dogwood Wealth Management LLC now owns 59 shares of the company’s stock valued at $40,000 after buying an additional 27 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the transaction, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the completion of the transaction, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. This represents a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 393,000 shares of company stock worth $197,297,363 in the last 90 days. 12.81% of the stock is owned by insiders.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent research reports. Citigroup restated a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Needham & Company LLC reiterated a “buy” rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. Wells Fargo & Company boosted their price target on AppLovin from $571.00 to $575.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research report on Tuesday, July 7th. Finally, KeyCorp set a $775.00 price objective on shares of AppLovin in a research note on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $668.45.

AppLovin Price Performance

Shares of AppLovin stock opened at $391.98 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a twelve month low of $357.03 and a twelve month high of $745.61. The business has a 50-day moving average price of $498.97 and a 200 day moving average price of $480.08. The firm has a market cap of $131.68 billion, a PE ratio of 33.68, a P/E/G ratio of 0.64 and a beta of 2.49.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the firm posted $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% compared to the same quarter last year. Sell-side analysts predict that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

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.