OLD National Bancorp IN Buys New Stake in AppLovin Corporation $APP

Key Points

• OLD National Bancorp has acquired a new stake in AppLovin Corporation, purchasing 589 shares worth approximately $206,000 during the second quarter.
• AppLovin's stock price is currently down 0.3%, with shares opening at $629.70, while the company has a market cap of $213.00 billion and reported $2.26 EPS in its latest quarterly earnings.
• Multiple institutional investors have recently increased their stakes in AppLovin, with 41.85% of the stock being owned by these entities and hedge funds.

OLD National Bancorp IN bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 589 shares of the company's stock, valued at approximately $206,000.

Several other institutional investors also recently bought and sold shares of APP. Atala Financial Inc acquired a new position in AppLovin in the 1st quarter valued at $26,000. Hilltop National Bank acquired a new position in AppLovin in the 2nd quarter valued at $26,000. Alpine Bank Wealth Management acquired a new position in AppLovin in the 1st quarter valued at $27,000. ORG Wealth Partners LLC acquired a new position in AppLovin in the 1st quarter valued at $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in AppLovin in the 1st quarter valued at $29,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Down 0.3%

Shares of AppLovin stock opened at $629.70 on Thursday. The company has a fifty day moving average price of $529.63 and a 200 day moving average price of $397.23. 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 twelve month low of $139.40 and a twelve month high of $745.61. The stock has a market cap of $213.00 billion, a price-to-earnings ratio of 89.45, a price-to-earnings-growth ratio of 3.46 and a beta of 2.53.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Piper Sandler upped their price objective on AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. Morgan Stanley upped their price objective on AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Benchmark upped their price objective on AppLovin from $525.00 to $640.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Finally, UBS Group upped their price objective on AppLovin from $540.00 to $810.00 and gave the stock a "buy" rating in a report on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $597.38.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 over the last ninety days. Insiders own 13.66% of the company's stock.

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.

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