Resona Asset Management Co. Ltd. Has $47.16 Million Holdings in AppLovin Corporation $APP

Key Points

• Resona Asset Management trimmed its AppLovin stake by 4.1% in the fourth quarter, but still held 69,502 shares worth about $47.16 million at the end of the period.
• Insiders sold shares recently, including CEO Arash Adam Foroughi and CTO Vasily Shikin; over the last 90 days, insiders sold a total of 365,244 shares worth about $169.6 million.
• AppLovin beat earnings expectations for the latest quarter, reporting EPS of $3.56 on revenue of $1.84 billion, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $664.35.

Resona Asset Management Co. Ltd. cut its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,502 shares of the company's stock after selling 2,960 shares during the period. Resona Asset Management Co. Ltd.'s holdings in AppLovin were worth $47,158,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aviance Capital Partners LLC boosted its position in shares of AppLovin by 4.8% during the fourth quarter. Aviance Capital Partners LLC now owns 2,173 shares of the company's stock valued at $1,464,000 after buying an additional 100 shares during the last quarter. Profund Advisors LLC boosted its position in shares of AppLovin by 5.4% during the fourth quarter. Profund Advisors LLC now owns 28,642 shares of the company's stock valued at $19,300,000 after buying an additional 1,478 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of AppLovin by 38.6% during the fourth quarter. ProShare Advisors LLC now owns 541,628 shares of the company's stock valued at $364,960,000 after buying an additional 150,748 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of AppLovin by 4.7% during the fourth quarter. HighTower Advisors LLC now owns 25,295 shares of the company's stock valued at $17,044,000 after buying an additional 1,124 shares during the last quarter. Finally, WD Rutherford LLC boosted its position in shares of AppLovin by 53.0% during the fourth quarter. WD Rutherford LLC now owns 5,863 shares of the company's stock valued at $3,951,000 after buying an additional 2,031 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 40,704 shares of the company's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the transaction, the chief executive officer directly owned 2,430,414 shares in the company, valued at approximately $1,117,625,877.90. This represents a 1.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Vasily Shikin sold 5,231 shares of the company's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total value of $2,497,645.57. Following the completion of the transaction, the chief technology officer owned 30,658 shares of the company's stock, valued at $14,638,275.26. The trade was a 14.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 365,244 shares of company stock worth $169,584,607 over the last ninety days. 13.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Jefferies Financial Group cut their target price on AppLovin from $860.00 to $700.00 and set a "buy" rating on the stock in a research report on Thursday, February 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, February 12th. UBS Group cut their target price on AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Finally, Weiss Ratings cut AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $664.35.

AppLovin Stock Performance

Shares of AppLovin stock opened at $492.38 on Tuesday. The business's fifty day simple moving average is $446.94 and its 200 day simple moving average is $527.38. The firm has a market capitalization of $165.41 billion, a P/E ratio of 42.30, a price-to-earnings-growth ratio of 0.81 and a beta of 2.37. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61. 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 issued its earnings results 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 firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business's revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.67 earnings per share. As a group, analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

AppLovin 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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