Blair William & Co. IL Grows Position in AppLovin Corporation $APP

Key Points

• Blair William & Co. IL increased its stake in AppLovin Corporation by 58.6% during the second quarter, owning 153,178 shares worth approximately $53.6 million at the end of the reporting period.
• CEO Arash Adam Foroughi sold 90,000 shares for about $37.9 million, reducing his ownership by 3.32%, while Director Eduardo Vivas sold 125,000 shares for $58.25 million, a 1.69% decrease.
• Several brokerages have raised their price targets for AppLovin, with Bank of America increasing theirs from $580 to $860, reflecting strong analyst sentiment and a consensus rating of "Moderate Buy."

Blair William & Co. IL lifted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 58.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 153,178 shares of the company's stock after buying an additional 56,582 shares during the quarter. Blair William & Co. IL's holdings in AppLovin were worth $53,624,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Atala Financial Inc bought a new stake in AppLovin in the first quarter worth $26,000. Hilltop National Bank bought a new stake in AppLovin in the second quarter worth $26,000. Alpine Bank Wealth Management bought a new stake in AppLovin in the first quarter worth $27,000. ORG Wealth Partners LLC bought a new stake in AppLovin in the first quarter worth $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new stake in AppLovin in the first quarter worth $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 90,000 shares of the company's 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 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 SEC, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction dated 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. The trade was a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Company insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on APP. Wells Fargo & Company set a $860.00 price target on shares of AppLovin in a research report on Wednesday. Bank of America boosted their price target on shares of AppLovin from $580.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Piper Sandler boosted their price target on shares of AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, September 26th. Citigroup boosted their price target on shares of AppLovin from $600.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Finally, UBS Group boosted their price objective on shares of AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a research report on Friday, September 26th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $597.38.

AppLovin Trading Down 4.7%

NASDAQ APP opened at $600.32 on Friday. The company's 50-day moving average price is $533.82 and its 200-day moving average price is $399.03. 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 $203.06 billion, a PE ratio of 85.27, a PEG ratio of 3.45 and a beta of 2.53. AppLovin Corporation has a 12 month low of $139.40 and a 12 month high of $745.61.

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

About AppLovin

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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