AppLovin Corporation (NASDAQ:APP) Shares Bought by Oak Ridge Investments LLC

Key Points

• Oak Ridge Investments LLC boosted its stake in AppLovin Corporation by 11.1%, acquiring an additional 1,982 shares worth approximately $5.25 million during the 1st quarter.
• AppLovin reported $2.26 per share in earnings for the last quarter, surpassing analyst expectations, but its revenue of $1.26 billion fell short of the consensus estimate of $1.37 billion.
• Significant insider trading occurred, with Director Herald Y. Chen selling 100,000 shares at around $419.91 each, resulting in a 35.47% decrease in their ownership.

Oak Ridge Investments LLC grew its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 11.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,807 shares of the company's stock after purchasing an additional 1,982 shares during the quarter. Oak Ridge Investments LLC's holdings in AppLovin were worth $5,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin during the fourth quarter worth $25,000. Atala Financial Inc bought a new position in AppLovin during the first quarter valued at $26,000. Alpine Bank Wealth Management bought a new position in AppLovin during the first quarter valued at $27,000. ORG Wealth Partners LLC bought a new position in AppLovin during the first quarter valued at $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in AppLovin during the first quarter valued at $29,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Performance

NASDAQ APP traded up $5.34 on Friday, hitting $438.68. 3,399,166 shares of the company's stock traded hands, compared to its average volume of 6,114,927. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 1-year low of $82.51 and a 1-year high of $525.15. The firm's 50-day moving average price is $370.82 and its two-hundred day moving average price is $343.23. The firm has a market capitalization of $148.38 billion, a PE ratio of 62.31, a P/E/G ratio of 2.42 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data 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 business 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 business posted $0.89 EPS. The business's quarterly revenue was up 77.1% compared to the same quarter last year. As a group, analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity

In related news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. This represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 925,398 shares of company stock valued at $392,582,738. 13.66% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on APP. Oppenheimer reiterated an "outperform" rating and set a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. BTIG Research increased their target price 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. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Wedbush reissued an "outperform" rating and issued a $620.00 target price on shares of AppLovin in a research note on Thursday, August 7th. Finally, UBS Group increased their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and an average price target of $472.33.

About AppLovin

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.