United Asset Strategies Inc. Acquires New Shares in AppLovin Corporation $APP

Key Points

• United Asset Strategies acquired 14,923 AppLovin shares in the second quarter, valued at approximately $7.7 million. Institutional investors and hedge funds own 41.85% of the company.
• AppLovin shares opened at $303.76, near their 12-month low of $303.17 and down sharply from the 12-month high of $745.61. The company’s latest quarter showed 52.8% year-over-year revenue growth, though revenue slightly missed analyst estimates.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $565.91, despite recent target cuts and one downgrade to “Neutral.” Insiders sold about $197.3 million of stock over the past three months.

United Asset Strategies Inc. acquired a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 14,923 shares of the company's stock, valued at approximately $7,689,000.

Several other large investors have also recently added to or reduced their stakes in APP. Armstrong Advisory Group Inc. increased its position in AppLovin by 1,344.0% in the second quarter. Armstrong Advisory Group Inc. now owns 361 shares of the company's stock worth $186,000 after buying an additional 336 shares during the period. Purus Wealth Management LLC boosted its holdings in shares of AppLovin by 5.7% during the second quarter. Purus Wealth Management LLC now owns 1,934 shares of the company's stock valued at $996,000 after acquiring an additional 105 shares during the period. Insight Wealth Strategies LLC acquired a new position in shares of AppLovin during the second quarter valued at $6,939,000. Tema ETFs LLC grew its position in shares of AppLovin by 9.2% during the second quarter. Tema ETFs LLC now owns 5,188 shares of the company's stock worth $2,673,000 after acquiring an additional 435 shares during the last quarter. Finally, E. Ohman J or Asset Management AB grew its position in shares of AppLovin by 49.2% during the second quarter. E. Ohman J or Asset Management AB now owns 8,341 shares of the company's stock worth $4,298,000 after acquiring an additional 2,750 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Raymond James Financial began coverage on shares of AppLovin in a research report on Monday, June 29th. They issued a "strong-buy" rating and a $640.00 price objective on the stock. Royal Bank Of Canada decreased their target price on shares of AppLovin from $700.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Phillip Securities raised AppLovin from a "moderate buy" rating to a "strong-buy" rating in a report on Tuesday. Finally, Piper Sandler downgraded AppLovin from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $665.00 to $385.00 in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and an average target price of $565.91.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: AppLovin expects revenue growth to reaccelerate sequentially in the third quarter while maintaining an approximately 83% margin, even as it invests in additional AI computing capacity. The guidance supports the view that recent weakness may be temporary. AppLovin Q3 Guidance Signals Reacceleration After a Mixed Q2 Print
• Positive Sentiment: Phillip Securities upgraded APP from “moderate buy” to “strong buy.” BTIG also maintained a buy rating and set a $408 price target, implying substantial upside despite lowering its previous target of $574. BTIG AppLovin Price Target
• Positive Sentiment: Several investment commentaries characterize AppLovin as an attractive value opportunity after its steep decline, citing rapid revenue growth, high margins and strong earnings potential relative to valuation. AppLovin Won't Be This Cheap for Long

AppLovin Trading Down 4.7%

Shares of NASDAQ APP opened at $303.76 on Thursday. The business has a fifty day simple moving average of $457.60 and a 200-day simple moving average of $458.54. The company has a market cap of $102.05 billion, a price-to-earnings ratio of 23.35, a P/E/G ratio of 0.59 and a beta of 2.54. 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 Corporation has a 12 month low of $303.17 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting analysts' consensus estimates of $3.76. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business's quarterly revenue was up 52.8% compared to the same quarter last year. During the same period last year, the company posted $2.39 EPS. Sell-side analysts predict that AppLovin Corporation will post 15.57 EPS for the current year.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the company's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at approximately $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 in the last three months. Company insiders own 12.81% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source