AppLovin Corporation $APP Shares Sold by Oak Ridge Investments LLC

Key Points

• Oak Ridge Investments LLC has reduced its holdings in AppLovin Corporation by 11.1%, selling 2,189 shares to hold 17,618 shares valued at approximately $6.17 million.
• Wall Street analysts have mixed opinions on AppLovin, with price targets ranging widely; Piper Sandler raised their target to $740 and Bank of America to $860, while Zacks downgraded to a "hold" rating.
• AppLovin's stock closed at $569.89, reflecting a 5.1% drop, and the company's recent earnings show a 77.1% year-over-year revenue increase.

Oak Ridge Investments LLC reduced its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 11.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,618 shares of the company's stock after selling 2,189 shares during the period. Oak Ridge Investments LLC's holdings in AppLovin were worth $6,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new position in AppLovin during the 1st quarter valued at about $26,000. Hilltop National Bank acquired a new position in shares of AppLovin in the second quarter valued at about $26,000. Alpine Bank Wealth Management acquired a new position in shares of AppLovin in the first quarter valued at about $27,000. ORG Wealth Partners LLC acquired a new position in shares of AppLovin in the first quarter valued at about $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of AppLovin in the first quarter valued at about $29,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on APP shares. Piper Sandler increased their price objective on AppLovin from $500.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, September 26th. Phillip Securities raised AppLovin to a "moderate buy" rating in a report on Monday, September 29th. Zacks Research lowered AppLovin from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Wells Fargo & Company set a $860.00 price objective on AppLovin in a report on Wednesday. Finally, Bank of America increased their price objective on AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $597.38.

AppLovin Stock Down 5.1%

AppLovin stock opened at $569.89 on Friday. The firm has a market cap of $192.77 billion, a price-to-earnings ratio of 80.95, a price-to-earnings-growth ratio of 3.09 and a beta of 2.53. AppLovin Corporation has a 52 week low of $139.40 and a 52 week high of $745.61. The business's 50-day moving average price is $537.64 and its 200 day moving average price is $401.07. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 EPS 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%.AppLovin's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. As a group, sell-side analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 in the last ninety days. 13.66% of the stock is currently owned by company insiders.

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.

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