Saudi Central Bank Has $8.28 Million Stock Position in AppLovin Corporation $APP

Key Points

• Saudi Central Bank increased its AppLovin stake by 88.7% in the second quarter, holding 16,070 shares valued at approximately $8.28 million. Institutional investors and hedge funds collectively own 41.85% of the company.
• AppLovin reported quarterly earnings per share of $3.76, in line with estimates, while revenue rose 52.8% year over year to $1.92 billion. Shares opened at $320.56, near their 12-month low of $297.50 and well below the 12-month high of $745.61.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $538.61 price target, although several firms recently lowered their targets. Meanwhile, insiders sold 271,152 shares worth approximately $135.3 million over the past three months.

Saudi Central Bank lifted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 88.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,070 shares of the company's stock after purchasing an additional 7,555 shares during the period. Saudi Central Bank's holdings in AppLovin were worth $8,280,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in APP. State Street Corp boosted its holdings in AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC increased its stake in shares of AppLovin by 3,118.6% in the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company's stock valued at $2,826,049,000 after acquiring an additional 4,063,763 shares during the last quarter. Norges Bank bought a new stake in shares of AppLovin in the 4th quarter valued at about $2,040,321,000. Bank of New York Mellon Corp bought a new stake in shares of AppLovin in the 2nd quarter valued at about $730,015,000. Finally, Northern Trust Corp raised its position in shares of AppLovin by 46.8% in the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after acquiring an additional 756,660 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Trading Up 2.2%

Shares of NASDAQ:APP opened at $320.56 on Friday. The firm has a market cap of $107.28 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 0.68 and a beta of 2.49. AppLovin Corporation has a 12 month low of $297.50 and a 12 month high of $745.61. The company's fifty day simple moving average is $394.59 and its 200 day simple moving average is $440.28. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts' consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the business earned $2.39 EPS. The company's revenue for the quarter was up 52.8% compared to the same quarter last year. As a group, research analysts forecast that AppLovin Corporation will post 15.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. BTIG Research reduced their price objective on shares of AppLovin from $574.00 to $408.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings raised shares of AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Benchmark cut their target price on shares of AppLovin from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Monday, August 17th. Piper Sandler reduced their price target on shares of AppLovin from $385.00 to $325.00 and set a "neutral" rating on the stock in a research report on Friday, August 21st. Finally, Needham & Company LLC decreased their price target on shares of AppLovin from $500.00 to $475.00 and set a "buy" rating for the company in a report on Wednesday, August 26th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $538.61.

Insider Transactions at AppLovin

In related news, CEO Arash Foroughi sold 33,042 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director G Jr sold 3,076 shares of AppLovin stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the sale, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 271,152 shares of company stock valued at $135,295,830 over the last three months. Company insiders own 12.81% of the company's stock.

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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