Northwestern Mutual Wealth Management Co. Boosts Stake in AppLovin Corporation $APP

Key Points

• Northwestern Mutual Wealth Management increased its AppLovin stake by 12.6% in the second quarter, bringing its holdings to 133,659 shares valued at approximately $68.9 million. Institutional investors collectively own 41.85% of the company.
• AppLovin’s latest quarter showed strong growth, with revenue rising 52.8% year over year to $1.92 billion and adjusted earnings of $3.76 per share, matching analyst expectations.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $538.61, despite several firms recently lowering their targets. The stock opened at $311.74, well below its 12-month high of $745.61.

Northwestern Mutual Wealth Management Co. lifted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 12.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 133,659 shares of the company's stock after acquiring an additional 14,920 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in AppLovin were worth $68,865,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cassaday & Co Wealth Management LLC bought a new position in shares of AppLovin during the 1st quarter valued at about $25,000. Washington Trust Advisors Inc. grew its position in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after acquiring an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of AppLovin during the fourth quarter worth approximately $27,000. Pioneer Family Office LLC bought a new stake in shares of AppLovin in the 2nd quarter worth approximately $31,000. Finally, First Pacific Financial purchased a new stake in shares of AppLovin in the 1st quarter valued at $33,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AppLovin

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the transaction, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 294,228 shares of company stock worth $148,403,985. 12.81% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on APP shares. Needham & Company LLC lowered their price target on shares of AppLovin from $500.00 to $475.00 and set a "buy" rating for the company in a research note on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Citigroup lowered their target price on AppLovin from $710.00 to $650.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Wedbush dropped their target price on AppLovin from $640.00 to $610.00 and set an "outperform" rating for the company in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. lifted their price target on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $538.61.

AppLovin Price Performance

Shares of APP opened at $311.74 on Wednesday. The company has a market capitalization of $104.32 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 0.66 and a beta of 2.49. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm has a 50 day moving average of $403.28 and a 200 day moving average of $442.00. AppLovin Corporation has a twelve month low of $297.50 and a twelve month high of $745.61.

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 the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period last year, the company earned $2.39 EPS. AppLovin's revenue for the quarter was up 52.8% on a year-over-year basis. As a group, equities research analysts anticipate that AppLovin Corporation will post 15.53 earnings per share for the current fiscal year.

AppLovin 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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