AppLovin Corporation $APP is Benchmark Investment Advisors LLC's 4th Largest Position

Key Points

• Benchmark Investment Advisors LLC increased its stake in AppLovin Corporation by 23.5%, acquiring an additional 4,006 shares, and now holds a total of 21,019 shares valued at approximately $5.57 million.
• AppLovin reported a quarterly earnings per share of $2.26, surpassing the estimate of $2.05, though revenue was below expectations at $1.26 billion compared to the projected $1.37 billion.
• Institutional investors and hedge funds hold 41.85% of AppLovin's stock, with insiders recently selling a total of 1.24 million shares valued at $545 million in the past three months.

Benchmark Investment Advisors LLC boosted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 23.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,019 shares of the company's stock after purchasing an additional 4,006 shares during the period. AppLovin comprises 3.6% of Benchmark Investment Advisors LLC's holdings, making the stock its 4th biggest holding. Benchmark Investment Advisors LLC's holdings in AppLovin were worth $5,569,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in APP. Panagora Asset Management Inc. grew its stake in AppLovin by 123.4% in the 1st quarter. Panagora Asset Management Inc. now owns 62,484 shares of the company's stock worth $16,556,000 after acquiring an additional 34,513 shares in the last quarter. Activest Wealth Management boosted its stake in shares of AppLovin by 13,450.0% during the first quarter. Activest Wealth Management now owns 271 shares of the company's stock valued at $72,000 after purchasing an additional 269 shares in the last quarter. Vident Advisory LLC boosted its stake in shares of AppLovin by 139.9% during the first quarter. Vident Advisory LLC now owns 21,316 shares of the company's stock valued at $5,648,000 after purchasing an additional 12,431 shares in the last quarter. Gordian Capital Singapore Pte Ltd bought a new position in shares of AppLovin during the first quarter valued at approximately $54,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of AppLovin by 564.4% during the first quarter. Canada Pension Plan Investment Board now owns 139,652 shares of the company's stock valued at $37,004,000 after purchasing an additional 118,633 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

APP has been the topic of a number of recent research reports. Oppenheimer reiterated an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Wells Fargo & Company increased their price objective on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research note on Thursday, August 21st. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Jefferies Financial Group increased their target price on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Piper Sandler increased their target price on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Two equities research 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $478.81.

Insider Activity at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total value of $92,938,000.00. Following the completion of the transaction, the director owned 381,929 shares of the company's stock, valued at approximately $177,478,587.01. This trade represents a 34.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 2,620,054 shares of the company's stock, valued at approximately $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 three months, insiders sold 1,236,152 shares of company stock worth $545,240,378. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Down 1.1%

NASDAQ:APP traded down $5.16 during midday trading on Friday, reaching $478.59. 5,135,135 shares of the stock traded hands, compared to its average volume of 6,457,463. The business has a 50-day moving average of $387.40 and a two-hundred day moving average of $347.23. The stock has a market capitalization of $161.88 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 2.68 and a beta of 2.44. AppLovin Corporation has a 12-month low of $82.51 and a 12-month high of $525.15. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion during 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%. The business's quarterly revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the company posted $0.89 earnings per share. On average, equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal 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.