AppLovin Corporation $APP Position Boosted by LRI Investments LLC

Key Points

• LRI Investments LLC increased its holdings in AppLovin Corporation by 131.1% in the second quarter, now owning 802 shares valued at $281,000.
• CEO Arash Adam Foroughi sold 90,000 shares for approximately $37.89 million, reducing his ownership by 3.32%.
• AppLovin reported Q2 earnings per share of $2.26, exceeding expectations and showing a revenue increase of 77.1% compared to the prior year.

LRI Investments LLC grew its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 131.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 802 shares of the company's stock after purchasing an additional 455 shares during the period. LRI Investments LLC's holdings in AppLovin were worth $281,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in APP. Atala Financial Inc acquired a new position in shares of AppLovin in the first quarter worth about $26,000. Hilltop National Bank acquired a new position in shares of AppLovin in the second quarter worth about $26,000. Alpine Bank Wealth Management acquired a new position in shares of AppLovin in the first quarter worth about $27,000. ORG Wealth Partners LLC acquired a new position in shares of AppLovin in the first quarter worth about $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of AppLovin in the first quarter worth about $29,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction on 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 sale, the chief executive officer owned 2,620,054 shares in the company, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the sale, the director owned 181,929 shares in the company, valued at $78,682,473.21. This represents a 52.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 in the last three months. 13.66% of the stock is owned by insiders.

AppLovin Trading Down 5.1%

Shares of APP stock opened at $569.89 on Monday. AppLovin Corporation has a 1 year low of $139.40 and a 1 year high of $745.61. The firm's fifty day simple moving average is $537.64 and its 200 day simple moving average is $402.05. The firm has a market capitalization of $192.77 billion, a P/E ratio of 80.95, a price-to-earnings-growth ratio of 3.09 and a beta of 2.53. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. AppLovin's revenue was up 77.1% compared to the same quarter last year. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on APP. Wells Fargo & Company set a $860.00 price target on shares of AppLovin in a research report on Wednesday. Citigroup increased their price target on shares of AppLovin from $600.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Benchmark increased their price target on shares of AppLovin from $525.00 to $640.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Zacks Research lowered shares of AppLovin from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Finally, Morgan Stanley increased their price target on shares of AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $597.38.

AppLovin 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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