OP Asset Management Ltd Invests $9.34 Million in AppLovin Corporation $APP

Key Points

• OP Asset Management bought a new stake in AppLovin during the first quarter, purchasing 23,471 shares valued at about $9.34 million.
• AppLovin shares were down 4.1% in Friday trading, with the stock opening at $445.93 and trading below both its 50-day and 200-day moving averages.
• The company recently beat earnings and revenue expectations, posting $3.56 EPS on $1.84 billion in revenue, while analysts remain generally bullish with an average Moderate Buy rating and a $669.62 price target.

OP Asset Management Ltd acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,471 shares of the company's stock, valued at approximately $9,341,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund bought a new stake in shares of AppLovin in the fourth quarter worth $27,000. Washington Trust Advisors Inc. grew its stake in shares of AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. purchased a new stake in shares of AppLovin during the 4th quarter valued at about $27,000. Laurel Wealth Advisors LLC purchased a new stake in shares of AppLovin during the 4th quarter valued at about $32,000. Finally, CENTRAL TRUST Co lifted its stake in shares of AppLovin by 41.3% in the 1st quarter. CENTRAL TRUST Co now owns 89 shares of the company's stock worth $35,000 after purchasing an additional 26 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Trading Down 4.1%

AppLovin stock opened at $445.93 on Friday. The firm has a 50 day moving average of $496.75 and a 200 day moving average of $511.12. The firm has a market capitalization of $149.81 billion, a price-to-earnings ratio of 38.31, a P/E/G ratio of 0.76 and a beta of 2.45. AppLovin Corporation has a 12-month low of $325.58 and a 12-month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm's revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.67 EPS. As a group, research analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current year.

Insider Activity

In related news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the transaction, the director directly owned 123,520 shares of the company's stock, valued at $71,893,580.80. This represents a 2.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 389,924 shares of company stock worth $195,693,875. 13.66% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Morgan Stanley reissued an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. Piper Sandler reiterated an "overweight" rating on shares of AppLovin in a research report on Tuesday, June 9th. Wedbush reiterated an "outperform" rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Wells Fargo & Company boosted their price objective on shares of AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, Oppenheimer reduced their price objective on AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $669.62.

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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