AppLovin Corporation $APP Shares Bought by Corient Private Wealth LLC

Key Points

• Corient Private Wealth LLC increased its AppLovin stake by 11% in the fourth quarter, buying an additional 14,271 shares and lifting its holding to 144,579 shares worth about $97.4 million.
• Analysts remain broadly bullish on APP, with a consensus rating of “Moderate Buy” and an average price target of $669.62. Recent notes from Citigroup, Piper Sandler, Deutsche Bank, and Needham were all positive, though Weiss Ratings trimmed its view to Hold.
• AppLovin reported strong quarterly results, beating earnings and revenue expectations with EPS of $3.56 on revenue of $1.84 billion, up 58.9% year over year. Despite this, insider selling has been notable, including recent sales by Director Maynard G. Webb, Jr. and insider Victoria Valenzuela.

Corient Private Wealth LLC raised its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 11.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 144,579 shares of the company's stock after purchasing an additional 14,271 shares during the period. Corient Private Wealth LLC's holdings in AppLovin were worth $97,440,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. State Street Corp raised its holdings in shares of AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares during the period. Norges Bank acquired a new position in shares of AppLovin in the 4th quarter valued at about $2,040,321,000. Capital Research Global Investors acquired a new position in shares of AppLovin in the 3rd quarter valued at about $743,899,000. Northern Trust Corp grew its position in shares of AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after buying an additional 756,660 shares during the last quarter. Finally, Amundi grew its position in shares of AppLovin by 81.3% during the 4th quarter. Amundi now owns 1,426,896 shares of the company's stock valued at $961,471,000 after buying an additional 639,836 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on APP. Citigroup reiterated a "buy" rating and set a $710.00 price objective on shares of AppLovin in a research note on Monday, June 1st. Piper Sandler reaffirmed an "overweight" rating on shares of AppLovin in a report on Tuesday, June 9th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. Needham & Company LLC reissued a "buy" rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. Finally, Weiss Ratings downgraded AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 7th. One equities research 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 stock. According to data from MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $669.62.

AppLovin Price Performance

APP stock opened at $469.71 on Friday. The stock has a market cap of $157.79 billion, a PE ratio of 40.35, a price-to-earnings-growth ratio of 0.76 and a beta of 2.45. The firm's 50-day simple moving average is $492.23 and its 200 day simple moving average is $517.80. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (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 during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business posted $1.67 EPS. AppLovin's revenue was up 58.9% on a year-over-year basis. As a group, sell-side analysts predict that AppLovin Corporation will post 15.86 EPS for the current year.

Insider Activity at AppLovin

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the transaction, the director directly owned 123,520 shares in the company, valued at approximately $71,893,580.80. The trade was a 2.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company's stock, valued at $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 389,924 shares of company stock valued at $195,693,875. Company insiders own 13.66% of the company's stock.

AppLovin Profile

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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