AppLovin Corporation $APP Shares Acquired by Shell Asset Management Co.

Key Points

• Shell Asset Management Co. raised its holdings in AppLovin Corporation by 23.7% during the 2nd quarter, owning 6,921 shares worth approximately $2.42 million after acquiring an additional 1,326 shares.
• Several other institutional investors have also increased their positions in AppLovin, contributing to a total of 41.85% of the stock being owned by institutional investors and hedge funds.
• AppLovin's stock received updated target prices from analysts, with Jefferies boosting its target from $560 to $615 and Wedbush from $725 to $745, while the consensus price target stands at $597.38.

Shell Asset Management Co. raised its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 23.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,921 shares of the company's stock after acquiring an additional 1,326 shares during the quarter. Shell Asset Management Co.'s holdings in AppLovin were worth $2,423,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in APP. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin during the 4th quarter worth about $294,000. Bison Wealth LLC acquired a new position in shares of AppLovin during the 4th quarter worth about $239,000. NBC Securities Inc. acquired a new position in shares of AppLovin during the 1st quarter worth about $34,000. Farther Finance Advisors LLC boosted its position in shares of AppLovin by 13.9% during the 1st quarter. Farther Finance Advisors LLC now owns 2,679 shares of the company's stock worth $757,000 after acquiring an additional 327 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its position in shares of AppLovin by 3.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after acquiring an additional 119 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

APP has been the subject of several research reports. Jefferies Financial Group boosted their target price on AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a report on Friday, September 5th. Wedbush boosted their target price on AppLovin from $725.00 to $745.00 and gave the company an "outperform" rating in a report on Monday. BTIG Research boosted their target price on AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a report on Monday, September 15th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Finally, Wells Fargo & Company set a $860.00 target price on AppLovin in a report on Wednesday. One research 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $597.38.

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This represents a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the transaction, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at approximately $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 sold 1,156,788 shares of company stock valued at $514,863,333 in the last quarter. 13.66% of the stock is currently owned by insiders.

AppLovin Stock Down 0.3%

APP opened at $629.70 on Thursday. The business has a 50 day moving average price of $529.63 and a two-hundred day moving average price of $397.23. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market cap of $213.00 billion, a PE ratio of 89.45, a P/E/G ratio of 3.46 and a beta of 2.53. AppLovin Corporation has a 52 week low of $139.40 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last posted 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. The firm had revenue of $1.26 billion during 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 firm's revenue was up 77.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 EPS. As a group, research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current 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.

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