AppLovin Corporation (NASDAQ:APP) Shares Purchased by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd grew its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 8,924.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,302 shares of the company's stock after buying an additional 69,523 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in AppLovin were worth $18,628,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. HighPoint Advisor Group LLC lifted its position in shares of AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after buying an additional 31 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of AppLovin by 6.7% during 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 boosted its position in shares of AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares during the last quarter. Argentarii LLC grew its holdings in shares of AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after purchasing an additional 40 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in AppLovin by 13.4% in the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after purchasing an additional 43 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Up 0.7%

Shares of APP stock traded up $2.54 during trading hours on Wednesday, reaching $355.50. 3,690,741 shares of the company's stock were exchanged, compared to its average volume of 6,245,644. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The stock's 50 day moving average is $360.28 and its 200-day moving average is $334.47. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The company has a market cap of $120.30 billion, a price-to-earnings ratio of 64.17, a P/E/G ratio of 2.12 and a beta of 2.42.

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

Insider Activity at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 171,420 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total value of $64,071,653.40. Following the completion of the transaction, the director owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. This trade represents a 43.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $12,294,648.24. Following the sale, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Company insiders own 13.66% of the company's stock.

Wall Street Analyst Weigh In

APP has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. HSBC set a $436.00 price objective on AppLovin and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Piper Sandler reissued an "overweight" rating and set a $470.00 target price (up from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. FBN Securities initiated coverage on shares of AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target on the stock. Finally, Benchmark reissued a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $438.43.

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.