Cullinan Associates Inc. Buys Shares of 1,312 AppLovin Corporation $APP

Key Points

• Cullinan Associates Inc. acquired 1,312 shares of AppLovin Corporation valued at approximately $459,000 during the second quarter.
• Analysts have raised their target prices for AppLovin, with Piper Sandler and Oppenheimer both increasing theirs to $740.00 and maintaining an "overweight" and "outperform" rating, respectively.
• Insider transactions reveal significant stock sales, with insiders selling over 1.15 million shares valued at approximately $514.86 million in the past 90 days.

Cullinan Associates Inc. purchased a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,312 shares of the company's stock, valued at approximately $459,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Chung Wu Investment Group LLC purchased a new position in shares of AppLovin in the 2nd quarter worth $357,000. Knights of Columbus Asset Advisors LLC bought a new position in AppLovin in the 2nd quarter worth $554,000. Global Assets Advisory LLC bought a new position in AppLovin in the 2nd quarter worth $1,607,000. Keudell Morrison Wealth Management bought a new position in AppLovin in the 2nd quarter worth $203,000. Finally, Global Strategic Investment Solutions LLC raised its holdings in AppLovin by 33.2% in the 2nd quarter. Global Strategic Investment Solutions LLC now owns 1,848 shares of the company's stock worth $647,000 after purchasing an additional 461 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on APP. Piper Sandler raised their target price on AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of AppLovin in a report on Saturday, September 27th. Oppenheimer raised their target price on AppLovin from $500.00 to $740.00 and gave the stock an "outperform" rating in a report on Tuesday, September 23rd. BTIG Research raised their price target on AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a report on Monday, September 15th. Finally, Zacks Research raised AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $578.86.

Insider Transactions at AppLovin

In other news, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director directly owned 3,150 shares of the company's stock, valued at approximately $1,537,105.50. The trade was a 10.00% 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 AppLovin stock in a transaction dated 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 completion of the transaction, the insider owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company insiders.

AppLovin Trading Down 0.1%

Shares of APP stock opened at $682.76 on Monday. AppLovin Corporation has a 12-month low of $135.50 and a 12-month high of $745.61. 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's 50-day moving average price is $514.58 and its 200-day moving average price is $392.05. The stock has a market capitalization of $230.94 billion, a price-to-earnings ratio of 96.98, a price-to-earnings-growth ratio of 3.74 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The business's revenue was up 77.1% compared to the same quarter last year. Equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal 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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