AustralianSuper Pty Ltd Grows Stake in AppLovin Corporation (NASDAQ:APP)

AustralianSuper Pty Ltd grew its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 35.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 243,884 shares of the company's stock after acquiring an additional 63,464 shares during the quarter. AustralianSuper Pty Ltd owned 0.07% of AppLovin worth $64,622,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of AppLovin during the fourth quarter worth about $25,000. Tucker Asset Management LLC purchased a new position in AppLovin during the fourth quarter valued at approximately $28,000. Atala Financial Inc purchased a new position in AppLovin during the first quarter valued at approximately $26,000. ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter valued at approximately $29,000. Finally, Alpine Bank Wealth Management purchased a new position in AppLovin during the first quarter valued at approximately $27,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the sale, the director owned 221,209 shares of the company's stock, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the sale, the chief executive officer directly owned 2,760,363 shares in the company, valued at $1,014,461,006.13. This represents a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last 90 days. Insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Loop Capital reiterated a "buy" rating and set a $650.00 target price on shares of AppLovin in a research report on Friday, March 28th. Scotiabank raised shares of AppLovin to a "strong-buy" rating in a research note on Tuesday, July 8th. Jefferies Financial Group lifted their price target on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Finally, FBN Securities assumed coverage on shares of AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $438.43.

AppLovin Trading Up 0.2%

Shares of AppLovin stock traded up $0.68 during trading hours on Friday, hitting $364.46. The company's stock had a trading volume of 4,818,310 shares, compared to its average volume of 6,289,545. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The firm has a fifty day moving average of $362.51 and a 200-day moving average of $335.17. The stock has a market cap of $123.33 billion, a price-to-earnings ratio of 65.79, a P/E/G ratio of 2.16 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the company posted $0.67 EPS. The company's quarterly revenue was up 40.3% on a year-over-year basis. Research analysts forecast 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.