Meiji Yasuda Asset Management Co Ltd. Purchases 5,248 Shares of AppLovin Corporation $APP

Key Points

• Meiji Yasuda Asset Management sharply increased its AppLovin stake by 782.1% in the fourth quarter, buying 5,248 additional shares and bringing its total holdings to 5,919 shares worth about $3.99 million.
• AppLovin reported better-than-expected quarterly results, with earnings per share of $3.56 versus $3.44 expected and revenue of $1.84 billion, up 58.9% year over year.
• Despite recent insider sales and a slight stock dip, analysts remain bullish on APP, with an average rating of “Moderate Buy” and an average target price of $664.35.

Meiji Yasuda Asset Management Co Ltd. lifted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 782.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,919 shares of the company's stock after buying an additional 5,248 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in AppLovin were worth $3,988,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. CBIZ Investment Advisory Services LLC boosted its position in AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 17 shares during the period. Redhawk Wealth Advisors Inc. boosted its position in AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock worth $431,000 after purchasing an additional 18 shares during the period. Verdence Capital Advisors LLC boosted its position in AppLovin by 5.7% during the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock worth $224,000 after purchasing an additional 18 shares during the period. Claro Advisors LLC boosted its position in AppLovin by 3.2% during the third quarter. Claro Advisors LLC now owns 647 shares of the company's stock worth $465,000 after purchasing an additional 20 shares during the period. Finally, Strategic Advocates LLC boosted its position in AppLovin by 0.8% during the third quarter. Strategic Advocates LLC now owns 2,576 shares of the company's stock worth $1,851,000 after purchasing an additional 21 shares during the period. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 0.9%

APP opened at $481.68 on Friday. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $161.82 billion, a price-to-earnings ratio of 41.38, a P/E/G ratio of 0.79 and a beta of 2.37. The business has a 50 day moving average of $446.31 and a 200-day moving average of $523.95.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the prior year, the business earned $1.67 earnings per share. AppLovin's revenue for the quarter was up 58.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current year.

Analyst Ratings Changes

APP has been the subject of a number of recent analyst reports. Argus initiated coverage on AppLovin in a research report on Tuesday, April 14th. They set a "buy" rating and a $520.00 target price for the company. BTIG Research reaffirmed a "buy" rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Scotiabank upped their target price on AppLovin from $750.00 to $775.00 and gave the stock an "outperform" rating in a research report on Thursday, February 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $664.35.

Insider Activity

In other news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the sale, the director directly owned 6,969,382 shares of the company's stock, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares of the company's stock, valued at $1,117,625,877.90. This represents a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 365,244 shares of company stock valued at $169,584,607. 13.66% of the stock is owned by company insiders.

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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