J.Safra Asset Management Corp Has $710,000 Stock Position in AppLovin Corporation $APP

Key Points

• J.Safra Asset Management Corp increased its stake in AppLovin Corporation by 30.9% during Q2, holding shares valued at $710,000 after purchasing an additional 502 shares.
• Insiders, including the CTO and CEO, sold significant amounts of stock on August 22nd, with the CTO selling 30,000 shares for approximately $13.1 million and the CEO selling 26,200 shares for about $11.5 million.
• AppLovin reported earnings of $2.26 per share for Q2, exceeding analyst estimates, with a revenue of $1.26 billion, although lower than the expected $1.37 billion.

J.Safra Asset Management Corp grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 30.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,126 shares of the company's stock after purchasing an additional 502 shares during the quarter. J.Safra Asset Management Corp's holdings in AppLovin were worth $710,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Atala Financial Inc bought a new position in shares of AppLovin during the 1st quarter worth approximately $26,000. Hilltop National Bank bought a new position in shares of AppLovin during the 2nd quarter worth approximately $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin during the 1st quarter worth approximately $27,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin during the 1st quarter worth approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin during the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares of the company's stock, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value 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. The trade was a 1.00% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,156,788 shares of company stock worth $514,863,333. Corporate insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of APP opened at $590.11 on Tuesday. AppLovin Corporation has a 12-month low of $139.40 and a 12-month high of $745.61. The business has a 50-day simple moving average of $541.54 and a two-hundred day simple moving average of $404.27. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $199.60 billion, a PE ratio of 83.82, a PEG ratio of 3.09 and a beta of 2.53.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Phillip Securities upgraded AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. Zacks Research downgraded AppLovin from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Benchmark upped their target price on AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research report on Monday, September 15th. UBS Group upped their target price on AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a research report on Friday, September 26th. Finally, Bank of America upped their target price on AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $591.73.

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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