Purpose Unlimited Inc. Invests $9.10 Million in AppLovin Corporation $APP

Key Points

• Purpose Unlimited Inc. opened a new position in AppLovin during the fourth quarter, buying 13,500 shares valued at about $9.1 million.
• Insider selling has been notable: CEO Arash Adam Foroughi sold 33,042 shares, and insider Victoria Valenzuela sold 20,000 shares, while insiders sold 389,924 shares over the last quarter.
• Analysts remain bullish on AppLovin, with a consensus rating of Moderate Buy and an average price target of $669.62; the company also beat recent quarterly EPS and revenue estimates.

Purpose Unlimited Inc. bought a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 13,500 shares of the company's stock, valued at approximately $9,097,000.

Several other institutional investors and hedge funds have also recently modified their holdings of APP. Board of the Pension Protection Fund acquired a new stake in AppLovin in the fourth quarter valued at approximately $27,000. Washington Trust Advisors Inc. raised 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 worth $27,000 after buying an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin during the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin during the 4th quarter valued at approximately $32,000. Finally, Graney & King LLC purchased a new position in shares of AppLovin during the 3rd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the sale, the chief executive officer owned 2,369,351 shares of the company's stock, valued at approximately $1,153,755,469.45. This trade represents a 1.38% 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 this link. Also, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 389,924 shares of company stock worth $195,693,875. 13.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of research analyst reports. Benchmark reissued a "buy" rating on shares of AppLovin in a research note on Wednesday, June 10th. Needham & Company LLC restated a "buy" rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 28th. Citigroup reaffirmed a "buy" rating and set a $710.00 price objective on shares of AppLovin in a report on Monday, June 1st. BTIG Research reiterated a "buy" rating and issued a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Oppenheimer cut their target price on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $669.62.

AppLovin Stock Performance

NASDAQ:APP opened at $469.71 on Friday. The company has a market cap of $157.79 billion, a P/E ratio of 40.35, a P/E/G ratio of 0.76 and a beta of 2.45. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The company's 50-day moving average price is $492.23 and its 200-day moving average price is $517.80. 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 announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during 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%. AppLovin's revenue was up 58.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.67 EPS. On average, sell-side analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

AppLovin Company 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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