Asset Management One Co. Ltd. Raises Stake in AppLovin Corporation $APP

Key Points

• Asset Management One Co. Ltd. increased its stake in AppLovin Corporation by 12.2%, owning a total of 89,536 shares valued at approximately $31.3 million.
• CEO Arash Adam Foroughi and Director Eduardo Vivas have recently sold significant amounts of stock, with Foroughi selling 90,000 shares and Vivas selling 125,000 shares.
• AppLovin reported a revenue of $1.26 billion for the last quarter, exceeding earnings expectations, with a net margin of 45.72% and a year-over-year revenue growth of 77.1%.

Asset Management One Co. Ltd. increased its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 12.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 89,536 shares of the company's stock after buying an additional 9,734 shares during the quarter. Asset Management One Co. Ltd.'s holdings in AppLovin were worth $31,345,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. R Squared Ltd purchased a new stake in AppLovin during the second quarter valued at about $723,000. Smith Group Asset Management LLC lifted its holdings in AppLovin by 3.9% during the second quarter. Smith Group Asset Management LLC now owns 112,933 shares of the company's stock valued at $39,536,000 after purchasing an additional 4,223 shares during the last quarter. Strategic Blueprint LLC lifted its holdings in AppLovin by 45.3% during the second quarter. Strategic Blueprint LLC now owns 2,661 shares of the company's stock valued at $932,000 after purchasing an additional 829 shares during the last quarter. Caliber Wealth Management LLC KS purchased a new stake in AppLovin during the second quarter valued at about $260,000. Finally, Rehmann Capital Advisory Group purchased a new stake in AppLovin during the second quarter valued at about $382,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 90,000 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. This trade represents a 1.69% 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 90 days. 13.66% of the stock is owned by company insiders.

AppLovin Trading Up 5.1%

Shares of APP opened at $620.00 on Friday. The business's 50-day moving average price is $569.09 and its 200-day moving average price is $422.86. AppLovin Corporation has a twelve month low of $158.33 and a twelve month high of $745.61. The stock has a market cap of $209.72 billion, a PE ratio of 88.07, a P/E/G ratio of 3.20 and a beta of 2.53. 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 quarterly earnings data 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 company had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. AppLovin's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 earnings per share. On average, equities analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings downgraded shares of AppLovin from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday. Benchmark upped their price objective on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a report on Monday, September 15th. UBS Group upped their price objective on shares of AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a report on Friday, September 26th. Zacks Research downgraded shares of AppLovin from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $630.00 price target on shares of AppLovin in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $605.13.

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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