Global Assets Advisory LLC Buys Shares of 4,772 AppLovin Corporation $APP

Key Points

• Global Assets Advisory LLC acquired 4,772 shares of AppLovin Corporation, valued at approximately $1.6 million, during the 2nd quarter.
• Institutional investors collectively own 41.85% of AppLovin's stock, with significant recent increases from firms such as Dynasty Wealth Management and Price T Rowe Associates, boosting their stakes by over 117,000% and 36.7% respectively.
• AppLovin's stock received multiple upgrades from analysts, with price targets raised significantly; Oppenheimer increased theirs from $500 to $740, indicating strong market confidence in the company's growth potential.

Global Assets Advisory LLC purchased a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,772 shares of the company's stock, valued at approximately $1,607,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dynasty Wealth Management LLC increased its position in AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after buying an additional 1,769,400 shares during the period. Vanguard Group Inc. increased its holdings in shares of AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after buying an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after buying an additional 1,185,859 shares during the period. Finally, Jennison Associates LLC raised its position in shares of AppLovin by 86.5% during the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after buying an additional 1,107,104 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction on Friday, August 22nd. The stock was 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 directly owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. The trade was a 1.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $487.97, for a total value of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares in the company, valued at $1,537,105.50. This represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last ninety days. Insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on APP. Oppenheimer raised their target price on AppLovin from $500.00 to $740.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 23rd. Jefferies Financial Group increased their price target on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Scotiabank restated an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. Zacks Research raised shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Piper Sandler increased their target price on shares of AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and a consensus target price of $578.86.

AppLovin Stock Down 0.1%

Shares of NASDAQ:APP opened at $682.76 on Monday. The firm has a market capitalization of $230.94 billion, a PE ratio of 96.98, a price-to-earnings-growth ratio of 3.74 and a beta of 2.53. AppLovin Corporation has a 1 year low of $135.50 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The firm's 50-day moving average is $514.58 and its two-hundred day moving average is $392.05.

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

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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