OP Asset Management Ltd Makes New $9.34 Million Investment in AppLovin Corporation $APP

OP Asset Management Ltd acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP) in the first quarter, HoldingsChannel.com reports. The fund acquired 23,471 shares of the company’s stock, valued at approximately $9,341,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Washington Trust Advisors Inc. boosted its position in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in AppLovin in the 4th quarter valued at $27,000. Mcguire Capital Advisors Inc. bought a new stake in AppLovin in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC purchased a new stake in AppLovin in the 4th quarter worth $32,000. Finally, Graney & King LLC purchased a new stake in AppLovin in the 3rd quarter worth $36,000. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction that occurred on Friday, June 12th. The stock was 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 owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the transaction, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 389,924 shares of company stock valued at $195,693,875. Corporate insiders own 13.66% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on APP shares. Wedbush restated an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Argus started coverage on AppLovin in a research report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Benchmark restated a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of AppLovin in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $669.62.

AppLovin Stock Performance

AppLovin stock opened at $445.93 on Friday. The company’s 50-day moving average price is $496.75 and its 200-day moving average price is $511.12. AppLovin Corporation has a twelve month low of $325.58 and a twelve month high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $149.81 billion, a PE ratio of 38.31, a price-to-earnings-growth ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP) last announced its quarterly 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. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 EPS. On average, equities research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

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.