Nissay Asset Management Corp Japan ADV Raises Stake in AppLovin Corporation $APP

Key Points

• Nissay Asset Management Corp Japan ADV increased its ownership in AppLovin Corporation by 14.3%, amassing a total stake valued at approximately $16.85 million by the end of the quarter.
• CEO Arash Adam Foroughi sold 26,200 shares of AppLovin, reducing his stake by 1%, while insiders collectively sold over 1.15 million shares in the past ninety days.
• Analysts have mixed opinions on AppLovin, with two giving a Strong Buy rating, while a consensus rating of Moderate Buy is currently held along with an average price target of $482.86.

Nissay Asset Management Corp Japan ADV grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 14.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,608 shares of the company's stock after purchasing an additional 7,945 shares during the quarter. Nissay Asset Management Corp Japan ADV's holdings in AppLovin were worth $16,854,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Atala Financial Inc bought a new stake in shares of AppLovin in the first quarter valued at about $26,000. Alpine Bank Wealth Management bought a new stake in shares of AppLovin in the first quarter valued at about $27,000. ORG Wealth Partners LLC bought a new stake in shares of AppLovin in the first quarter valued at about $29,000. Bartlett & CO. Wealth Management LLC bought a new stake in shares of AppLovin in the first quarter valued at about $29,000. Finally, SouthState Corp bought a new stake in shares of AppLovin in the first quarter valued at about $29,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director owned 3,150 shares in the company, valued at $1,537,105.50. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,158,288 shares of company stock worth $515,437,023 over the last ninety days. Insiders own 13.66% of the company's stock.

Analyst Ratings Changes

APP has been the subject of several recent research reports. Wedbush restated an "outperform" rating and issued a $620.00 price objective on shares of AppLovin in a report on Thursday, August 7th. Morgan Stanley lifted their price objective on AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. BTIG Research lifted their price objective on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Wall Street Zen downgraded AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and an average price target of $482.86.

AppLovin Price Performance

APP opened at $490.24 on Friday. The business's 50-day moving average is $402.06 and its two-hundred day moving average is $348.80. AppLovin Corporation has a 1 year low of $82.51 and a 1 year high of $525.15. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a market capitalization of $165.82 billion, a PE ratio of 69.64, a price-to-earnings-growth ratio of 2.79 and a beta of 2.44.

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

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.