Allstate Corp Boosts Holdings in AppLovin Corporation $APP

Key Points

• Allstate Corp increased its stake in AppLovin Corporation by 22.5%, now owning 7,537 shares valued at approximately $1.997 million.
• Other institutional investors, like Vanguard Group and Price T Rowe Associates, have also expanded their holdings in AppLovin, leading to a total of 41.85% of the company's stock being owned by institutional investors.
• AppLovin reported an earnings per share of $2.26, beating expectations, while quarterly revenue increased by 77.1% compared to the previous year.

Allstate Corp raised its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 22.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 7,537 shares of the company's stock after buying an additional 1,386 shares during the period. Allstate Corp's holdings in AppLovin were worth $1,997,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of APP. Vanguard Group Inc. grew its holdings in AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after acquiring an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after acquiring an additional 1,769,400 shares during the period. Baillie Gifford & Co. boosted its position in AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Invesco Ltd. grew its stake in shares of AppLovin by 32.9% during the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after purchasing an additional 992,316 shares during the period. Finally, Dynasty Wealth Management LLC increased its holdings in shares of AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after purchasing an additional 2,700,399 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Price Performance

NASDAQ:APP opened at $441.68 on Friday. AppLovin Corporation has a 12 month low of $82.51 and a 12 month high of $525.15. The stock has a 50 day moving average of $375.38 and a two-hundred day moving average of $345.14. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market cap of $149.40 billion, a P/E ratio of 62.74, a price-to-earnings-growth ratio of 2.34 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business's quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.89 earnings per share. On average, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 17,564 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $437.48, for a total transaction of $7,683,898.72. Following the completion of the sale, the chief technology officer owned 53,389 shares of the company's stock, valued at $23,356,619.72. This represents a 24.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,221,152 shares of company stock valued at $538,490,378 in the last 90 days. 13.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

APP has been the subject of several analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Piper Sandler increased their target price on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Zacks Research upgraded AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Wells Fargo & Company upped their price target on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $472.86.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.

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