ING Groep NV Takes $31.97 Million Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• ING Groep NV has acquired a new stake in AppLovin Corporation, purchasing 120,659 shares valued at approximately $31.97 million during the first quarter of the year.
• In addition to ING, multiple large investors increased their positions in AppLovin, with significant purchases made by Allianz SE, Raiffeisen Bank, and Bank of Nova Scotia.
• Despite insider selling activity totaling over $455 million in the last three months, analysts remain optimistic, with many setting new price targets for AppLovin stock above $400.

ING Groep NV acquired a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 120,659 shares of the company's stock, valued at approximately $31,971,000.

Other large investors have also made changes to their positions in the company. Allianz SE purchased a new stake in AppLovin during the first quarter worth $1,068,000. Raiffeisen Bank International AG purchased a new stake in AppLovin during the first quarter worth $525,000. J. Safra Sarasin Holding AG purchased a new stake in AppLovin during the first quarter worth $342,000. Bank of Nova Scotia boosted its holdings in AppLovin by 2,342.0% during the first quarter. Bank of Nova Scotia now owns 109,159 shares of the company's stock worth $28,924,000 after buying an additional 104,689 shares in the last quarter. Finally, Banco Santander S.A. purchased a new stake in AppLovin during the first quarter worth $804,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 100,000 shares of AppLovin stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the completion of the sale, the director directly owned 181,929 shares in the company, valued at $76,393,806.39. This trade represents a 35.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction dated 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 sale, the chief technology officer owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on APP shares. JPMorgan Chase & Co. increased their price target on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Wall Street Zen raised shares of AppLovin from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley increased their price objective on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, Jefferies Financial Group increased their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $447.57.

AppLovin Stock Down 3.0%

Shares of NASDAQ APP opened at $379.17 on Monday. The company has a 50 day simple moving average of $363.45 and a 200-day simple moving average of $337.58. The company has a market capitalization of $128.31 billion, a P/E ratio of 68.44, a P/E/G ratio of 2.26 and a beta of 2.43. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business's revenue was up 40.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.67 EPS. On average, equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.