North Dakota State Investment Board Buys New Shares in AppLovin Corporation $APP

Key Points

• North Dakota State Investment Board opened a new position in AppLovin, buying 8,147 shares valued at about $5.49 million in the fourth quarter.
• AppLovin’s latest earnings beat expectations, with EPS of $3.56 versus $3.44 estimated and revenue of $1.84 billion, up 58.9% year over year.
• Despite recent insider selling and some mixed analyst targets, Wall Street remains broadly positive, with AppLovin carrying a Moderate Buy consensus and an average price target of $664.35.

North Dakota State Investment Board bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,147 shares of the company's stock, valued at approximately $5,490,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of APP. Revolve Wealth Partners LLC bought a new position in shares of AppLovin during the fourth quarter valued at about $294,000. Bison Wealth LLC bought a new position in shares of AppLovin during the fourth quarter valued at about $239,000. Integrated Wealth Concepts LLC grew its stake in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock valued at $448,000 after buying an additional 621 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock valued at $5,084,000 after buying an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in shares of AppLovin by 7.2% during the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock valued at $48,727,000 after buying an additional 9,380 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Performance

AppLovin stock opened at $501.00 on Monday. 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 firm has a 50-day moving average of $447.26 and a 200-day moving average of $528.32. The firm has a market cap of $168.31 billion, a P/E ratio of 43.04, a P/E/G ratio of 0.81 and a beta of 2.37. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin's revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. Sell-side analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 40,704 shares of the firm's stock in a transaction dated 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 in the company, valued at $1,117,625,877.90. This trade represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the completion of the sale, the director owned 6,969,382 shares of the company's stock, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 365,244 shares of company stock worth $169,584,607 over the last three months. Company insiders own 13.66% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on APP. Morgan Stanley set a $720.00 price objective on AppLovin in a research note on Thursday, February 12th. BTIG Research reaffirmed a "buy" rating and set a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Argus assumed coverage on AppLovin in a research note on Tuesday, April 14th. They set a "buy" rating and a $520.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. Finally, The Goldman Sachs Group dropped their target price on shares of AppLovin from $710.00 to $585.00 and set a "neutral" rating for the company in a report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and a consensus target price of $664.35.

About AppLovin

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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