AppLovin Corporation $APP Shares Acquired by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC has increased its stake in AppLovin Corporation by 7.3% during the 1st quarter, holding a total of approximately $10.72 million in shares.
• Multiple institutional investors have significantly boosted their holdings in AppLovin, with Dynasty Wealth Management increasing theirs by an impressive 117,664.4% in the same quarter.
• AppLovin's stock has mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $472.86, highlighting both positive and cautious outlooks from market experts.

Rafferty Asset Management LLC boosted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 7.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,437 shares of the company's stock after acquiring an additional 2,748 shares during the period. Rafferty Asset Management LLC's holdings in AppLovin were worth $10,715,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in AppLovin in the first quarter valued at $26,000. ORG Wealth Partners LLC acquired a new stake in AppLovin in the first quarter valued at $29,000. Alpine Bank Wealth Management acquired a new stake in AppLovin in the first quarter valued at $27,000. Bartlett & CO. Wealth Management LLC acquired a new stake in AppLovin in the first quarter valued at $29,000. Finally, SouthState Corp bought a new stake in shares of AppLovin in the 1st quarter valued at approximately $29,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Performance

APP traded down $5.16 during trading on Friday, reaching $478.59. 5,135,135 shares of the company were exchanged, compared to its average volume of 6,516,874. The stock has a market cap of $161.88 billion, a P/E ratio of 67.98, a PEG ratio of 2.70 and a beta of 2.43. The firm has a 50 day moving average of $387.40 and a 200 day moving average of $348.32. The company has a current ratio of 2.74, a quick 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 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the business earned $0.89 EPS. The firm's revenue was up 77.1% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Herald Y. Chen sold 200,000 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $464.69, for a total value of $92,938,000.00. Following the transaction, the director owned 381,929 shares of the company's stock, valued at $177,478,587.01. This trade represents a 34.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,236,152 shares of company stock worth $545,240,378. Insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

APP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Jefferies Financial Group boosted their price target on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wedbush reiterated an "outperform" rating and issued a $620.00 price target on shares of AppLovin in a report on Thursday, August 7th. Piper Sandler boosted their price target on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $478.81.

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.