Kelly Lawrence W & Associates Inc. CA Purchases New Shares in AppLovin Corporation $APP

Key Points

• Kelly Lawrence W & Associates acquired 22,648 AppLovin shares worth approximately $11.7 million, making the stock about 2.5% of the fund’s portfolio. Institutional investors collectively own 41.85% of AppLovin.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $553.83, although several firms recently lowered their targets.
• AppLovin reported quarterly EPS of $3.76 and revenue of $1.92 billion, up 52.8% year over year. The stock opened at $298.59, near its 12-month low, while insiders sold about $153.8 million of shares over the past three months.

Kelly Lawrence W & Associates Inc. CA 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 disclosure with the Securities and Exchange Commission. The fund purchased 22,648 shares of the company's stock, valued at approximately $11,669,000. AppLovin accounts for about 2.5% of Kelly Lawrence W & Associates Inc. CA's holdings, making the stock its 15th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC acquired a new stake in shares of AppLovin during the first quarter valued at about $25,000. Washington Trust Advisors Inc. lifted its stake in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin in the fourth quarter worth about $27,000. Pioneer Family Office LLC purchased a new position in AppLovin in the second quarter valued at about $31,000. Finally, Laurel Wealth Advisors LLC purchased a new position in AppLovin in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on APP. BTIG Research dropped their price objective on AppLovin from $574.00 to $408.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Raymond James Financial initiated coverage on AppLovin in a research note on Monday, June 29th. They set a "strong-buy" rating and a $640.00 target price for the company. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $660.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Morgan Stanley cut their price target on shares of AppLovin from $720.00 to $650.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Finally, Citigroup reduced their price objective on shares of AppLovin from $710.00 to $650.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $553.83.

AppLovin Stock Performance

APP stock opened at $298.59 on Tuesday. The stock's 50 day simple moving average is $423.23 and its 200 day simple moving average is $446.84. AppLovin Corporation has a 12-month low of $297.50 and a 12-month high of $745.61. The firm has a market cap of $99.92 billion, a P/E ratio of 22.95, a P/E/G ratio of 0.62 and a beta of 2.54. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting analysts' consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the previous year, the company posted $2.39 earnings per share. The firm's revenue was up 52.8% on a year-over-year basis. As a group, equities research analysts predict that AppLovin Corporation will post 15.53 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 22,544 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the transaction, the chief executive officer directly owned 2,327,684 shares in the company, valued at $1,152,157,026.32. This represents a 0.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 303,280 shares of company stock worth $153,835,185. Corporate insiders own 12.81% of the company's stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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