OVERSEA CHINESE BANKING Corp Ltd Grows Stock Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in AppLovin Corporation by 115.0%, bringing its total holdings to 1,675 shares worth approximately $444,000.
• AppLovin's earnings in the latest quarter showed a 40.3% year-over-year revenue growth with an EPS of $1.67, surpassing the consensus estimate by $0.22.
• Multiple analysts have raised their price targets for AppLovin, with Piper Sandler's new target set at $470.00 following an "overweight" rating.

OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 115.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,675 shares of the company's stock after purchasing an additional 896 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in AppLovin were worth $444,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its holdings in shares of AppLovin by 11.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,094 shares of the company's stock valued at $2,410,000 after acquiring an additional 912 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of AppLovin by 12.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 308,026 shares of the company's stock valued at $81,618,000 after purchasing an additional 33,068 shares during the period. Castellan Group boosted its stake in shares of AppLovin by 31.3% during the first quarter. Castellan Group now owns 38,037 shares of the company's stock valued at $10,079,000 after purchasing an additional 9,068 shares during the period. Alberta Investment Management Corp purchased a new stake in shares of AppLovin during the first quarter valued at approximately $3,789,000. Finally, Harbour Investments Inc. grew its position in shares of AppLovin by 67.9% in the 1st quarter. Harbour Investments Inc. now owns 141 shares of the company's stock worth $37,000 after buying an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent analyst reports. Scotiabank upgraded AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Morgan Stanley raised their price target on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. HSBC set a $436.00 price target on AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Wall Street Zen upgraded AppLovin from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and an average target price of $447.57.

Insider Buying and Selling at AppLovin

In other news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the sale, the director directly owned 3,451 shares of the company's stock, valued at $1,450,455.30. This represents a 12.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value 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 ninety days, insiders sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company's stock.

AppLovin Stock Performance

Shares of APP stock traded down $7.00 during trading hours on Tuesday, reaching $388.01. 1,544,980 shares of the company traded hands, compared to its average volume of 7,049,937. AppLovin Corporation has a 12-month low of $66.16 and a 12-month high of $525.15. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The company has a market cap of $131.30 billion, a P/E ratio of 69.84, a P/E/G ratio of 2.26 and a beta of 2.43. The firm has a 50-day moving average price of $364.27 and a 200 day moving average price of $337.95.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS 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 company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the firm earned $0.67 EPS. The firm's revenue was up 40.3% compared to the same quarter last year. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.