NEOS Investment Management LLC Increases Stock Holdings in AppLovin Corporation $APP

NEOS Investment Management LLC boosted its stake in AppLovin Corporation (NASDAQ:APP) by 10.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 227,667 shares of the company’s stock after acquiring an additional 21,034 shares during the period. NEOS Investment Management LLC’s holdings in AppLovin were worth $117,301,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin in the 4th quarter worth about $294,000. Bison Wealth LLC bought a new position in AppLovin in the fourth quarter worth about $239,000. Integrated Wealth Concepts LLC raised its stake in AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after buying an additional 621 shares in the last quarter. NewEdge Advisors LLC raised its stake in AppLovin by 5.7% in the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after buying an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in AppLovin by 7.2% in the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after buying an additional 9,380 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of APP opened at $313.58 on Friday. AppLovin Corporation has a fifty-two week low of $297.50 and a fifty-two week high of $745.61. The firm’s 50-day simple moving average is $397.72 and its two-hundred day simple moving average is $441.12. The stock has a market cap of $104.94 billion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 0.67 and a beta of 2.49. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30.

AppLovin (NASDAQ:APP) last released its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the business earned $2.39 earnings per share. The business’s revenue was up 52.8% on a year-over-year basis. Analysts anticipate that AppLovin Corporation will post 15.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on APP shares. Morgan Stanley cut their price objective on AppLovin from $720.00 to $650.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. William Blair set a $440.00 target price on AppLovin in a research report on Monday, August 17th. Scotiabank restated a “sector outperform” rating and issued a $515.00 target price on shares of AppLovin in a research note on Thursday, August 6th. Bank of America restated a “neutral” rating and set a $400.00 price target (down from $430.00) on shares of AppLovin in a research report on Tuesday, August 11th. Finally, Phillip Securities upgraded AppLovin from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $538.61.

Insider Buying and Selling at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction 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 directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This trade 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 the SEC website. Also, Director Maynard G. Webb, 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 completion of the transaction, the director directly owned 120,444 shares of the company’s stock, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 271,152 shares of company stock worth $135,295,830. 12.81% of the stock is 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.