Dakota Wealth Management Raises Position in AppLovin Corporation $APP

Key Points

• Dakota Wealth Management increased its stake in AppLovin Corporation by 2.7%, owning 20,086 shares valued at approximately $7 million at the end of the second quarter.
• Multiple investment firms, including Oppenheimer and Benchmark, have raised their price targets for AppLovin, with the consensus price target currently at $513.38 and a consensus rating of "Moderate Buy."
• Insider trading activity included significant sales by CEO Arash Adam Foroughi, who sold shares worth over $11 million, resulting in a slight decrease in his ownership stake.

Dakota Wealth Management grew its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,086 shares of the company's stock after purchasing an additional 529 shares during the quarter. Dakota Wealth Management's holdings in AppLovin were worth $7,032,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Vestcor Inc increased its stake in shares of AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after acquiring an additional 33 shares during the last quarter. Fortitude Family Office LLC increased its stake in shares of AppLovin by 32.7% during the 2nd quarter. Fortitude Family Office LLC now owns 138 shares of the company's stock valued at $48,000 after acquiring an additional 34 shares during the last quarter. GSG Advisors LLC increased its stake in shares of AppLovin by 0.3% during the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after acquiring an additional 35 shares during the last quarter. Argentarii LLC increased its stake in shares of AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after acquiring an additional 40 shares during the last quarter. Finally, Atlas Capital Advisors Inc. grew its stake in shares of AppLovin by 11.3% during the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after buying an additional 40 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

APP has been the subject of several research reports. Oppenheimer boosted their price objective on shares of AppLovin from $500.00 to $740.00 and gave the company an "outperform" rating in a research note on Tuesday. Zacks Research raised shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Benchmark raised their target price on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Morgan Stanley raised their target price on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Piper Sandler raised their target price on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $513.38.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the transaction, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 $135,579,499.65. This trade represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last ninety days. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Price Performance

Shares of APP stock opened at $641.92 on Thursday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a twelve month low of $125.62 and a twelve month high of $670.19. The firm has a fifty day simple moving average of $468.97 and a 200-day simple moving average of $370.86. The company has a market capitalization of $217.13 billion, a PE ratio of 91.18, a price-to-earnings-growth ratio of 3.61 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 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 business had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The company's revenue was up 77.1% compared to the same quarter last year. Equities research analysts anticipate 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.

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