Insight Holdings Group LLC Purchases 8,900 Shares of AppLovin Corporation $APP

Key Points

• Insight Holdings Group LLC increased its stake in AppLovin Corporation by 178% during the first quarter, purchasing an additional 8,900 shares for a total of 13,900 shares valued at approximately $3.68 million.
• Several institutional investors also acquired new positions in AppLovin, which is owned 41.85% by institutional investors, highlighting growing interest in the company.
• AppLovin recently reported earnings of $2.26 per share, exceeding analyst expectations, although its revenue of $1.26 billion fell short of the estimated $1.37 billion.

Insight Holdings Group LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 178.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,900 shares of the company's stock after acquiring an additional 8,900 shares during the period. AppLovin comprises 0.3% of Insight Holdings Group LLC's portfolio, making the stock its 22nd largest position. Insight Holdings Group LLC's holdings in AppLovin were worth $3,683,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of APP. Atala Financial Inc bought a new position in AppLovin in the first quarter worth about $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin during the first quarter valued at approximately $27,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin during the first quarter valued at approximately $29,000. Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin during the first quarter valued at approximately $29,000. Finally, SouthState Corp bought a new position in shares of AppLovin during the first quarter valued at approximately $29,000. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Up 2.6%

Shares of APP stock opened at $499.97 on Friday. The company has a market capitalization of $169.11 billion, a price-to-earnings ratio of 71.02, a PEG ratio of 2.72 and a beta of 2.44. AppLovin Corporation has a one year low of $82.51 and a one year high of $525.15. The company's fifty day moving average price is $398.93 and its 200-day moving average price is $348.84. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

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, beating analysts' consensus estimates of $2.05 by $0.21. The company had revenue of $1.26 billion for 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%. AppLovin's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.89 EPS. Sell-side analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 15,000 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $450.00, for a total value of $6,750,000.00. Following the completion of the sale, the insider directly owned 304,955 shares of the company's stock, valued at $137,229,750. The trade was a 4.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. This trade 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 1,122,938 shares of company stock worth $497,688,184 in the last three months. Insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on APP shares. The Goldman Sachs Group raised their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. JPMorgan Chase & Co. upped their price target on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen downgraded AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Piper Sandler upped their price target on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Benchmark restated a "buy" rating and issued a $525.00 target price on shares of AppLovin in a report on Thursday, May 8th. 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's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $478.81.

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.

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