Deutsche Bank AG Purchases 147,291 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Deutsche Bank AG has increased its holdings in AppLovin Corporation by 32.3%, now owning 602,787 shares valued at $159.7 million.
• AppLovin reported earnings of $2.26 per share for the last quarter, exceeding estimates, while revenue was $1.26 billion, falling short of the expected $1.37 billion.
• Several institutional investors, including Vanguard Group Inc. and Dynasty Wealth Management LLC, significantly boosted their stakes in AppLovin during the first quarter.

Deutsche Bank AG lifted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 32.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 602,787 shares of the company's stock after purchasing an additional 147,291 shares during the period. Deutsche Bank AG owned 0.18% of AppLovin worth $159,720,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in APP. Fuller & Thaler Asset Management Inc. bought a new position in AppLovin during the fourth quarter worth about $25,000. Atala Financial Inc bought a new position in AppLovin during the first quarter worth about $26,000. Alpine Bank Wealth Management bought a new position in AppLovin during the first quarter worth about $27,000. ORG Wealth Partners LLC bought a new position in AppLovin during the first quarter worth about $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in AppLovin during the first quarter worth about $29,000. 41.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler lifted their target price on AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday. Morgan Stanley lifted their target price on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday. Oppenheimer reiterated an "outperform" rating and set a $500.00 target price (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. BTIG Research lifted their price target on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. lifted their price target on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average target price of $472.33.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer owned 2,760,363 shares of the company's stock, valued at $1,014,461,006.13. This trade represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last three months. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Price Performance

Shares of NASDAQ:APP traded up $18.64 during trading on Friday, hitting $455.98. 9,470,995 shares of the company were exchanged, compared to its average volume of 5,628,843. The business's 50 day moving average is $366.78 and its 200-day moving average is $339.90. The company has a market capitalization of $154.30 billion, a P/E ratio of 64.77, a price-to-earnings-growth ratio of 2.71 and a beta of 2.43. The company has a quick ratio of 1.68, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 1-year low of $72.81 and a 1-year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly 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. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 earnings per share. Equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share 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.