Oppenheimer Asset Management Inc. Buys 3,332 Shares of AppLovin Corporation (NASDAQ:APP)

Oppenheimer Asset Management Inc. raised its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 17.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,562 shares of the company's stock after purchasing an additional 3,332 shares during the period. Oppenheimer Asset Management Inc.'s holdings in AppLovin were worth $5,978,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. HighPoint Advisor Group LLC raised its position in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after acquiring an additional 31 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after acquiring an additional 33 shares in the last quarter. Forum Financial Management LP raised its position in shares of AppLovin by 0.9% in the 4th 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 in the last quarter. Truvestments Capital LLC raised its position in shares of AppLovin by 0.7% in the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after acquiring an additional 38 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of AppLovin by 13.4% in the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after buying an additional 43 shares during the period. 41.85% of the stock is owned by institutional investors.

AppLovin Price Performance

Shares of NASDAQ APP opened at $349.48 on Wednesday. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The stock's 50 day moving average price is $337.27 and its 200-day moving average price is $333.51. The company has a market capitalization of $118.26 billion, a PE ratio of 63.08, a PEG ratio of 1.95 and a beta of 2.53. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the business earned $0.67 EPS. The company's revenue was up 40.3% compared to the same quarter last year. On average, equities analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Oppenheimer restated an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Morgan Stanley raised their target price on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. UBS Group raised their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. The Goldman Sachs Group raised their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Finally, HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $438.10.

Insider Transactions at AppLovin

In related news, Director Craig Scott Billings sold 12,000 shares of AppLovin stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the sale, the director now owns 2,987 shares of the company's stock, valued at approximately $1,054,769.44. The trade was a 80.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now directly owns 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 in the last 90 days. Insiders own 13.66% of the company's stock.

AppLovin Company 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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