Northwestern Mutual Wealth Management Co. Buys 105,630 Shares of AppLovin Corporation $APP

Key Points

• Northwestern Mutual Wealth Management Co. significantly increased its stake in AppLovin Corporation by 9,314.8% during the first quarter, acquiring an additional 105,630 shares, bringing its total holdings to 106,764 shares worth $28,289,000.
• Despite a recent earnings miss, AppLovin received a mix of ratings from analysts, with two rating it a Strong Buy and others adjusting price targets, including BTIG Research which raised theirs from $480.00 to $483.00.
• Insider transactions revealed that both the CTO and CEO of AppLovin sold shares recently, with the CTO offloading 30,000 shares for approximately $13.1 million and the CEO selling 90,000 shares worth about $37.9 million.

Northwestern Mutual Wealth Management Co. increased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 9,314.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 106,764 shares of the company's stock after buying an additional 105,630 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in AppLovin were worth $28,289,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Forum Financial Management LP lifted its position in AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares during the last quarter. Vestcor Inc increased its stake in shares of AppLovin by 0.8% during the first quarter. Vestcor Inc now owns 4,108 shares of the company's stock worth $1,088,000 after purchasing an additional 33 shares during the period. GSG Advisors LLC lifted its holdings in AppLovin by 0.3% during the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock worth $2,820,000 after purchasing an additional 35 shares during the last quarter. Argentarii LLC lifted its holdings in AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after purchasing an additional 40 shares during the last quarter. Finally, Atlas Capital Advisors Inc. boosted its stake in AppLovin by 11.3% in the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after purchasing an additional 40 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on APP. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. BTIG Research upped their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Zacks Research raised shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, The Goldman Sachs Group increased their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $472.86.

AppLovin Trading Up 5.5%

APP opened at $441.68 on Monday. The stock has a market capitalization of $149.40 billion, a price-to-earnings ratio of 62.74, a P/E/G ratio of 2.47 and a beta of 2.43. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a twelve month low of $82.51 and a twelve month high of $525.15. The company has a 50-day simple moving average of $375.38 and a 200 day simple moving average of $344.73.

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

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer directly owned 3,360,104 shares in the company, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 90,000 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the sale, the chief executive officer directly owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,221,152 shares of company stock valued at $538,490,378. 13.66% of the stock is owned by insiders.

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.

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