Panagora Asset Management Inc. Has $16.56 Million Stock Position in AppLovin Corporation $APP

Key Points

• Panagora Asset Management Inc. significantly increased its stake in AppLovin Corporation by 123.4%, acquiring additional shares valued at approximately $16.56 million.
• AppLovin's recent earnings report beat expectations, with an earnings per share of $2.26, although revenue fell short of estimates at $1.26 billion.
• Analysts' ratings for AppLovin indicate a moderate buy consensus, with numerous firms raising their price targets, reflecting optimistic future growth potential.

Panagora Asset Management Inc. boosted its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 123.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,484 shares of the company's stock after purchasing an additional 34,513 shares during the period. Panagora Asset Management Inc.'s holdings in AppLovin were worth $16,556,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of APP. Atala Financial Inc acquired a new stake in AppLovin during the 1st quarter valued at $26,000. Alpine Bank Wealth Management acquired a new stake in shares of AppLovin in the 1st quarter valued at $27,000. ORG Wealth Partners LLC acquired a new stake in shares of AppLovin in the 1st quarter valued at $29,000. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of AppLovin in the 1st quarter valued at $29,000. Finally, SouthState Corp acquired a new stake in shares of AppLovin in the 1st quarter valued at $29,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of AppLovin stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the sale, the chief executive officer directly owned 2,620,054 shares in the company, valued at $1,103,147,536.16. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,236,152 shares of company stock valued at $545,240,378. Insiders own 13.66% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Zacks Research raised AppLovin to a "strong-buy" rating in a research note on Friday, August 8th. Scotiabank reissued an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. UBS Group lifted their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Finally, The Goldman Sachs Group lifted their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $478.81.

AppLovin Trading Up 1.2%

Shares of NASDAQ:APP traded up $5.62 during midday trading on Wednesday, hitting $487.35. The company had a trading volume of 5,041,861 shares, compared to its average volume of 7,004,444. AppLovin Corporation has a 12 month low of $82.51 and a 12 month high of $525.15. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $164.85 billion, a price-to-earnings ratio of 69.23, a PEG ratio of 2.68 and a beta of 2.44. The firm has a fifty day simple moving average of $392.91 and a 200 day simple moving average of $347.94.

AppLovin (NASDAQ:APP - Get Free Report) last posted 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. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company's revenue for the quarter was up 77.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share. On average, analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

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.