AppLovin Corporation $APP Shares Acquired by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. increased its holdings in AppLovin Corporation by 36.3%, resulting in ownership of 62,908 shares valued at approximately $22 million after purchasing an additional 16,761 shares.
• AppLovin reported $2.26 earnings per share in its latest quarter, exceeding analyst expectations by $0.21, and achieved a revenue of $1.26 billion, reflecting a 77.1% year-over-year growth.
• The stock has seen significant trading activity, with insiders selling over 1 million shares valued at approximately $514 million in the last quarter, while institutional investors own about 41.85% of the shares.

QRG Capital Management Inc. raised its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 36.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,908 shares of the company's stock after purchasing an additional 16,761 shares during the quarter. QRG Capital Management Inc.'s holdings in AppLovin were worth $22,023,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in APP. Revolve Wealth Partners LLC acquired a new stake in shares of AppLovin during the fourth quarter worth approximately $294,000. Bison Wealth LLC bought a new position in AppLovin during the 4th quarter valued at $239,000. NBC Securities Inc. acquired a new position in AppLovin during the 1st quarter worth $34,000. TB Alternative Assets Ltd. bought a new stake in shares of AppLovin in the 1st quarter worth about $1,701,000. Finally, Wedmont Private Capital raised its stake in shares of AppLovin by 12.2% in the 1st quarter. Wedmont Private Capital now owns 7,095 shares of the company's stock valued at $1,773,000 after purchasing an additional 773 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Trading Down 0.1%

NASDAQ:APP opened at $682.76 on Friday. The firm has a market capitalization of $230.94 billion, a P/E ratio of 96.98, a P/E/G ratio of 3.74 and a beta of 2.53. The business has a 50 day simple moving average of $514.58 and a 200 day simple moving average of $391.46. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a 12-month low of $135.50 and a 12-month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the company earned $0.89 earnings per share. The firm's revenue for the quarter was up 77.1% on a year-over-year basis. Equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Phillip Securities upgraded AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of AppLovin in a report on Saturday, September 27th. Zacks Research upgraded AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Finally, Jefferies Financial Group lifted their price objective on shares of AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $578.86.

Insider Activity

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director owned 3,150 shares in the company, valued at approximately $1,537,105.50. This trade represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company insiders.

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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