AppLovin Corporation (NASDAQ:APP) Shares Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS grew its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 1.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 81,150 shares of the company's stock after buying an additional 800 shares during the period. KLP Kapitalforvaltning AS's holdings in AppLovin were worth $21,502,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of APP. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of AppLovin in the 4th quarter worth $25,000. Atala Financial Inc acquired a new position in shares of AppLovin during the 1st quarter valued at about $26,000. Alpine Bank Wealth Management purchased a new stake in shares of AppLovin in the first quarter valued at about $27,000. Tucker Asset Management LLC acquired a new stake in AppLovin during the fourth quarter worth about $28,000. Finally, ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter worth about $29,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Up 1.2%

NASDAQ:APP traded up $4.20 during mid-day trading on Friday, hitting $364.14. The stock had a trading volume of 2,880,710 shares, compared to its average volume of 4,896,801. The company has a market capitalization of $123.22 billion, a PE ratio of 65.73, a PEG ratio of 2.17 and a beta of 2.42. The stock has a 50-day simple moving average of $362.09 and a two-hundred day simple moving average of $335.83. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10.

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. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the business earned $0.67 EPS. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. On average, equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the sale, the chief executive officer owned 2,760,363 shares of the company's stock, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Herald Y. Chen sold 171,420 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the transaction, the director owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. The trade was a 43.66% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. Wells Fargo & Company raised their target price on AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Jefferies Financial Group upped their price target on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. FBN Securities initiated coverage on AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. Finally, UBS Group boosted their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $447.57.

AppLovin 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.