6,947 AppLovin Corporation $APP Shares Purchased by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its AppLovin stake by 26.4%, purchasing 6,947 shares during the third quarter and bringing its holdings to 33,309 shares valued at approximately $9.7 million.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $511.32, although several firms recently lowered their targets. Targets now range from $345 to $600 among the firms cited.
• AppLovin shares opened at $279.29, near their 52-week low of $260.59 and well below the $738.01 high. The company’s latest quarter showed 52.8% year-over-year revenue growth and earnings in line with expectations.

State of Alaska Department of Revenue boosted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 26.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,309 shares of the company's stock after buying an additional 6,947 shares during the quarter. State of Alaska Department of Revenue's holdings in AppLovin were worth $9,674,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Revolve Wealth Partners LLC raised its position in shares of AppLovin by 2.8% during the second quarter. Revolve Wealth Partners LLC now owns 851 shares of the company's stock worth $438,000 after acquiring an additional 23 shares during the last quarter. IMA Advisory Services Inc. lifted its stake in shares of AppLovin by 40.0% in the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company's stock worth $33,000 after acquiring an additional 24 shares during the period. CENTRAL TRUST Co boosted its holdings in AppLovin by 41.3% in the first quarter. CENTRAL TRUST Co now owns 89 shares of the company's stock valued at $35,000 after acquiring an additional 26 shares during the last quarter. PFG Investments LLC boosted its holdings in AppLovin by 4.1% in the first quarter. PFG Investments LLC now owns 706 shares of the company's stock valued at $281,000 after acquiring an additional 28 shares during the last quarter. Finally, Sovran Advisors LLC boosted its holdings in AppLovin by 5.7% in the first quarter. Sovran Advisors LLC now owns 517 shares of the company's stock valued at $206,000 after acquiring an additional 28 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

APP has been the subject of a number of recent analyst reports. Royal Bank Of Canada decreased their target price on shares of AppLovin from $700.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. Daiwa Securities Group dropped their price target on shares of AppLovin from $569.00 to $345.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 19th. Loop Capital dropped their price target on shares of AppLovin from $860.00 to $600.00 and set a "buy" rating on the stock in a research report on Thursday, August 20th. Oppenheimer reduced their price objective on shares of AppLovin from $560.00 to $490.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Needham & Company LLC reiterated a "buy" rating and set a $475.00 price objective on shares of AppLovin in a research report on Tuesday, October 6th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average price target of $511.32.

AppLovin Stock Up 6.5%

Shares of NASDAQ:APP opened at $279.29 on Friday. AppLovin Corporation has a 1 year low of $260.59 and a 1 year high of $738.01. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. The business's 50-day moving average is $306.77 and its 200-day moving average is $412.28. The company has a market capitalization of $93.46 billion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 0.55 and a beta of 2.56.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. The business had revenue of $1.92 billion during the quarter, compared to analysts' expectations of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%. The firm's revenue was up 52.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.39 earnings per share. Equities research analysts predict that AppLovin Corporation will post 15.67 earnings per share for the current year.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Wedbush reported that advertiser checks showed spending remained steady during the third quarter, with potential e-commerce-driven growth in the fourth quarter. The firm views AppLovin as priced for market-share losses despite finding no clear evidence of that deterioration. AppLovin Q3 seen by Wedbush as key test of model update
• Positive Sentiment: AppLovin’s third-quarter earnings report, scheduled for November 4, provides a near-term catalyst. Its latest quarter showed revenue growth of approximately 53% year over year, supported by its advertising platform, while several institutional investors added shares in the second quarter. AppLovin rises as investors appear to buy the dip
• Positive Sentiment: Analysts continue to see substantial long-term upside. Wedbush maintained an “outperform” rating while lowering its price target to $560, citing a more achievable estimate baseline and potential upside from future execution. 3 Stocks That Prove the AI Trade Isn't Over

AppLovin Profile

AppLovin Corporation is a technology company that provides software and services designed to help mobile application developers grow, monetize and analyze their businesses. Its platform supports user acquisition, advertising, in-app monetization and performance measurement for mobile apps.

The company's products include MAX, a software platform that helps developers manage in-app advertising and maximize advertising revenue, as well as AppDiscovery, which supports app marketing and user acquisition.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.