Point72 Italy S.r.l. Acquires Shares of 17,500 AppLovin Corporation $APP

Key Points

• Point72 Italy S.r.l. acquired a new stake of 17,500 shares in AppLovin Corporation (NASDAQ: APP), valued at approximately $4.64 million, making it the 9th largest position in their portfolio.
• Other institutional investors have also increased their positions in AppLovin, with several new ventures worth between $26,000 and $29,000 each during the first quarter.
• AppLovin reported $2.26 EPS for Q2, beating estimates, though its revenue of $1.26 billion fell short of analyst expectations of $1.37 billion.

Point72 Italy S.r.l. acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 17,500 shares of the company's stock, valued at approximately $4,637,000. AppLovin comprises about 4.6% of Point72 Italy S.r.l.'s investment portfolio, making the stock its 9th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Atala Financial Inc bought a new stake in AppLovin in the first quarter worth about $26,000. Alpine Bank Wealth Management bought a new stake in AppLovin in the first quarter worth about $27,000. ORG Wealth Partners LLC bought a new stake in AppLovin in the first quarter worth about $29,000. Bartlett & CO. Wealth Management LLC bought a new stake in AppLovin in the first quarter worth about $29,000. Finally, SouthState Corp bought a new stake in AppLovin in the first quarter worth about $29,000. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of APP stock opened at $478.59 on Friday. The firm has a market cap of $161.88 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 2.68 and a beta of 2.43. The company's 50 day moving average is $387.40 and its 200 day moving average is $348.09. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52-week low of $82.51 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. AppLovin's revenue was up 77.1% compared to the same quarter last year. During the same period last year, the company posted $0.89 earnings per share. On average, sell-side analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Activity

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of AppLovin stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total value of $58,250,000.00. Following the transaction, the director directly owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer directly owned 2,620,054 shares in the company, valued at $1,103,147,536.16. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,236,152 shares of company stock valued at $545,240,378 over the last three months. Company insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. BTIG Research lifted their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, UBS Group lifted their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $478.81.

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.

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