E. Ohman J or Asset Management AB Invests $3.89 Million in AppLovin Corporation $APP

E. Ohman J or Asset Management AB purchased a new stake in AppLovin Corporation (NASDAQ:APP) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 5,771 shares of the company’s stock, valued at approximately $3,889,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. Chilton Capital Management LLC bought a new stake in shares of AppLovin in the third quarter valued at about $29,000. Board of the Pension Protection Fund acquired a new position in shares of AppLovin in the fourth quarter valued at about $27,000. Activest Wealth Management increased its position in AppLovin by 760.0% during the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after acquiring an additional 38 shares during the period. Heartwood Wealth Advisors LLC acquired a new stake in AppLovin in the 3rd quarter worth about $33,000. Finally, CBIZ Investment Advisory Services LLC raised its stake in AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 17 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on APP. UBS Group set a $740.00 target price on shares of AppLovin in a research report on Thursday, February 12th. Oppenheimer dropped their price target on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Citigroup cut their price target on AppLovin from $820.00 to $710.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Needham & Company LLC reissued a “buy” rating and set a $700.00 price target on shares of AppLovin in a research report on Wednesday, March 11th. Finally, Piper Sandler restated an “overweight” rating and set a $650.00 price objective (down from $800.00) on shares of AppLovin in a research note on Thursday, February 12th. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $654.50.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $458.95 on Tuesday. The firm has a 50 day moving average of $472.12 and a 200-day moving average of $573.32. AppLovin Corporation has a 12 month low of $200.50 and a 12 month high of $745.61. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $154.79 billion, a PE ratio of 47.07, a PEG ratio of 0.77 and a beta of 2.51.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.35. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.61 billion. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The firm’s revenue for the quarter was up 66.0% on a year-over-year basis. During the same quarter last year, the business posted $1.73 EPS. On average, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 5,231 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total value of $2,497,645.57. Following the sale, the chief technology officer owned 30,658 shares of the company’s stock, valued at approximately $14,638,275.26. This trade represents a 14.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 40,704 shares of AppLovin stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the transaction, the chief executive officer owned 2,430,414 shares in the company, valued at approximately $1,117,625,877.90. The trade was a 1.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 365,244 shares of company stock worth $169,584,607 over the last three months. Insiders own 13.66% 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.