SEB Asset Management AB Buys Shares of 68,377 AppLovin Corporation $APP

Key Points

• SEB Asset Management AB opened a new position in AppLovin, buying 68,377 shares worth about $27.2 million in the first quarter.
• Institutional interest remains strong, with hedge funds and other institutions owning 41.85% of AppLovin’s stock, while several other firms also increased their stakes.
• Analysts remain bullish on the stock, with a consensus rating of Moderate Buy and an average price target of $668.45, even as insiders have sold shares in recent months.

SEB Asset Management AB bought a new position in AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 68,377 shares of the company's stock, valued at approximately $27,214,000.

Several other hedge funds have also modified their holdings of the company. Swiss National Bank raised its stake in shares of AppLovin by 7.1% during the 1st quarter. Swiss National Bank now owns 677,030 shares of the company's stock worth $269,458,000 after acquiring an additional 44,720 shares in the last quarter. IMA Advisory Services Inc. boosted its stake in AppLovin by 40.0% in the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company's stock valued at $33,000 after acquiring an additional 24 shares in the last quarter. California Public Employees Retirement System boosted its stake in AppLovin by 5.2% in the first quarter. California Public Employees Retirement System now owns 488,574 shares of the company's stock valued at $194,452,000 after acquiring an additional 24,004 shares in the last quarter. Kesler Norman & Wride LLC boosted its stake in AppLovin by 7.7% in the first quarter. Kesler Norman & Wride LLC now owns 2,827 shares of the company's stock valued at $1,125,000 after acquiring an additional 203 shares in the last quarter. Finally, Gallacher Capital Management LLC purchased a new position in AppLovin in the first quarter worth $221,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APP has been the subject of several analyst reports. Wedbush reiterated an "outperform" rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Argus initiated coverage on AppLovin in a research note on Tuesday, April 14th. They set a "buy" rating and a $520.00 target price on the stock. Morgan Stanley restated an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Raymond James Financial initiated coverage on AppLovin in a research report on Monday, June 29th. They set a "strong-buy" rating and a $640.00 target price on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $668.45.

Insider Activity

In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the sale, the insider directly owned 243,961 shares of the company's stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares of the company's stock, valued at $1,545,173,366.38. The trade was a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 393,000 shares of company stock valued at $197,297,363 over the last quarter. Insiders own 13.66% of the company's stock.

AppLovin Stock Performance

NASDAQ APP opened at $424.54 on Monday. AppLovin Corporation has a 12-month low of $343.00 and a 12-month high of $745.61. The company has a fifty day simple moving average of $506.01 and a two-hundred day simple moving average of $487.71. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market cap of $142.62 billion, a P/E ratio of 36.47, a P/E/G ratio of 0.69 and a beta of 2.49.

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, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company's revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period last year, the business posted $1.67 earnings per share. On average, analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current year.

About AppLovin

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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