AppLovin Corporation $APP Shares Bought by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S increased its AppLovin stake by 34.8% in the first quarter, adding 17,942 shares to bring its total to 69,441 shares worth about $27.6 million.
• Wall Street remains broadly positive on AppLovin, with analysts assigning a Moderate Buy consensus rating and a consensus price target of $669.62, though some firms recently trimmed targets or downgraded ratings slightly.
• AppLovin reported strong quarterly results, beating EPS estimates and posting 58.9% year-over-year revenue growth to $1.84 billion, while insiders have also sold shares in recent months, including the CTO and CFO.

BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 34.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,441 shares of the company's stock after buying an additional 17,942 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in AppLovin were worth $27,638,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in APP. Washington Trust Advisors Inc. lifted its stake in AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 24 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in shares of AppLovin in the 4th quarter valued at approximately $27,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of AppLovin in the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC acquired a new stake in shares of AppLovin in the 4th quarter valued at $32,000. Finally, Graney & King LLC acquired a new stake in shares of AppLovin in the 3rd quarter valued at $36,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on APP. Morgan Stanley reiterated an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Weiss Ratings cut AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 7th. UBS Group decreased their price target on AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Argus initiated coverage on AppLovin in a report on Tuesday, April 14th. They set a "buy" rating and a $520.00 price target for the company. Finally, Wells Fargo & Company upped their price objective on AppLovin from $560.00 to $571.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $669.62.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the sale, the chief technology officer owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. The trade was a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the sale, the chief financial officer directly owned 177,450 shares of the company's stock, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 over the last ninety days. Company insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $469.71 on Friday. The firm has a 50 day simple moving average of $492.23 and a 200-day simple moving average of $517.80. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $157.79 billion, a PE ratio of 40.35, a P/E/G ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the firm posted $1.67 EPS. The company's revenue was up 58.9% on a year-over-year basis. On average, equities analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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