South Dakota Investment Council Purchases Shares of 2,520 AppLovin Corporation $APP

South Dakota Investment Council acquired a new position in AppLovin Corporation (NASDAQ:APP) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,520 shares of the company’s stock, valued at approximately $1,003,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cassaday & Co Wealth Management LLC purchased a new stake in AppLovin during the first quarter worth $25,000. Washington Trust Advisors Inc. increased its holdings in AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in AppLovin in the fourth quarter valued at $27,000. Laurel Wealth Advisors LLC acquired a new position in shares of AppLovin in the fourth quarter worth about $32,000. Finally, First Pacific Financial acquired a new position 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.

AppLovin Price Performance

NASDAQ:APP opened at $395.90 on Friday. AppLovin Corporation has a 12 month low of $359.00 and a 12 month high of $745.61. The stock has a 50 day moving average of $491.19 and a two-hundred day moving average of $472.27. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market cap of $133.00 billion, a P/E ratio of 34.01, a price-to-earnings-growth ratio of 0.66 and a beta of 2.49.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating 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 business 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 earned $1.67 earnings per share. The business’s revenue was up 58.9% compared to the same quarter last year. On average, analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on APP. Raymond James Financial began coverage on AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 target price on the stock. KeyCorp set a $775.00 price target on AppLovin in a report on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. UBS Group dropped their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $668.45.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the transaction, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 62,804 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares in the company, valued at $1,545,173,366.38. The trade was a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 393,000 shares of company stock valued at $197,297,363. Company insiders own 12.81% of the company’s stock.

AppLovin Company 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.