Adams Diversified Equity Fund Inc. Invests $4.31 Million in AppLovin Corporation $APP

Key Points

• Adams Diversified Equity Fund disclosed a new stake in AppLovin, buying 6,400 shares worth about $4.31 million in the fourth quarter.
• Institutional interest remains broad, with hedge funds and other investors owning about 41.85% of AppLovin shares, even as some smaller firms also added or initiated positions.
• Analyst sentiment is still constructive: AppLovin has a consensus rating of “Moderate Buy” and an average target price of $669.62, though insider selling has been notable recently.

Adams Diversified Equity Fund Inc. bought a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,400 shares of the company's stock, valued at approximately $4,312,000.

Other large investors have also made changes to their positions in the company. Board of the Pension Protection Fund purchased a new position in shares of AppLovin in the 4th quarter worth $27,000. Washington Trust Advisors Inc. increased 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. Laurel Wealth Advisors LLC purchased a new stake in shares of AppLovin during the fourth quarter worth about $32,000. Graney & King LLC purchased a new stake in shares of AppLovin during the third quarter worth about $36,000. Finally, Aventura Private Wealth LLC purchased a new stake in shares of AppLovin during the fourth quarter worth about $38,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. KeyCorp set a $775.00 target price on AppLovin in a research report on Wednesday. Benchmark reiterated a "buy" rating on shares of AppLovin in a research note on Wednesday. Morgan Stanley reiterated an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Wedbush reiterated an "outperform" rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Finally, Arete Research set a $340.00 target price on AppLovin and gave the company a "neutral" rating in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $669.62.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 33,042 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the sale, the chief executive officer owned 2,369,351 shares of the company's stock, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total value of $30,423,513.68. Following the sale, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. The trade was a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 389,924 shares of company stock valued at $187,404,946. 13.66% of the stock is currently owned by insiders.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

AppLovin Stock Performance

Shares of NASDAQ APP opened at $496.77 on Friday. 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 stock has a 50 day simple moving average of $482.88 and a 200-day simple moving average of $520.84. The company has a market cap of $166.88 billion, a PE ratio of 42.68, a P/E/G ratio of 0.81 and a beta of 2.45. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business's revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. On average, equities research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.

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.

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