First Hawaiian Bank Makes New $1.02 Million Investment in AppLovin Corporation $APP

Key Points

• First Hawaiian Bank invested $1.02 million in AppLovin Corporation, acquiring 3,837 shares during the first quarter, marking a significant institutional investment.
• AppLovin reported a 77.1% year-over-year increase in quarterly revenue to $1.26 billion, along with an EPS of $2.26, exceeding analysts' expectations of $2.05.
• Analysts have mixed opinions on AppLovin, with Jefferies raising the target price to $615, while Wall Street Zen downgraded it from "buy" to "hold," indicating varied confidence in its stock performance.

First Hawaiian Bank purchased a new position in AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,837 shares of the company's stock, valued at approximately $1,017,000.

Other institutional investors have also modified their holdings of the company. Revolve Wealth Partners LLC bought a new stake in AppLovin during the 4th quarter worth approximately $294,000. Bison Wealth LLC acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $239,000. Jefferies Financial Group Inc. bought a new stake in shares of AppLovin during the fourth quarter worth $470,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of AppLovin during the fourth quarter worth $414,000. Finally, Quadcap Wealth Management LLC bought a new stake in AppLovin in the 4th quarter valued at $399,000. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Up 1.9%

Shares of APP stock opened at $582.00 on Friday. AppLovin Corporation has a 52-week low of $105.94 and a 52-week high of $587.88. The stock has a market cap of $196.86 billion, a price-to-earnings ratio of 82.67, a PEG ratio of 3.19 and a beta of 2.44. The firm's 50-day moving average is $424.50 and its 200-day moving average is $353.63. 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 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter last year, the company posted $0.89 earnings per share. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. Sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction on Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the transaction, the director directly owned 3,150 shares of the company's stock, valued at $1,537,105.50. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This represents a 1.00% 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 quarter. Insiders own 13.66% of the company's stock.

Wall Street Analyst Weigh In

APP has been the subject of a number of research reports. Jefferies Financial Group increased their target price on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Wedbush upped their price target on AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a research report on Friday. Morgan Stanley lifted their price objective on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $487.86.

AppLovin Company 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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