AppLovin Corporation $APP Shares Bought by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. increased its holdings in AppLovin Corporation by 50.8%, owning approximately 0.11% of the company, valued at about $100 million.
• Several other institutional investors have also acquired new stakes in AppLovin, collectively owning 41.85% of the stock.
• AppLovin reported $2.26 EPS for the quarter, exceeding estimates, but its revenue of $1.26 billion fell short of expectations.

Ameriprise Financial Inc. boosted its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 50.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 377,560 shares of the company's stock after purchasing an additional 127,164 shares during the period. Ameriprise Financial Inc. owned about 0.11% of AppLovin worth $100,045,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Forum Financial Management LP boosted its position in AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares in the last quarter. Vestcor Inc boosted its position in AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after acquiring an additional 33 shares in the last quarter. GSG Advisors LLC boosted its position in AppLovin by 0.3% during the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after acquiring an additional 35 shares in the last quarter. Argentarii LLC boosted its position in AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after acquiring an additional 40 shares in the last quarter. Finally, Atlas Capital Advisors Inc. boosted its position in AppLovin by 11.3% during the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after acquiring an additional 40 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on APP shares. BTIG Research boosted their price target on AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Scotiabank reissued an "outperform" rating on shares of AppLovin in a research report on Thursday. Zacks Research raised AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Jefferies Financial Group boosted their price target on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Citigroup restated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and a consensus target price of $478.81.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. This represents a 3.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total transaction of $92,938,000.00. Following the transaction, the director directly owned 381,929 shares of the company's stock, valued at $177,478,587.01. This trade represents a 34.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,236,152 shares of company stock worth $545,240,378 over the last 90 days. Company insiders own 13.66% of the company's stock.

AppLovin Price Performance

AppLovin stock traded up $20.81 during mid-day trading on Thursday, hitting $483.75. The stock had a trading volume of 5,864,993 shares, compared to its average volume of 7,033,563. The firm has a market capitalization of $163.63 billion, a P/E ratio of 68.71, a P/E/G ratio of 2.62 and a beta of 2.43. 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's 50 day moving average is $381.53 and its 200 day moving average is $346.92. AppLovin Corporation has a one year low of $82.51 and a one year high of $525.15.

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

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.