University of Texas Texas AM Investment Management Co. Acquires 2,577 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• The University of Texas Texas A&M Investment Management Co. increased its investment in AppLovin Corporation by 60.3%, acquiring an additional 2,577 shares to bring its total to 6,854 shares valued at approximately $1.8 million.
• AppLovin's recent earnings report revealed $1.67 earnings per share, exceeding analyst expectations, with a 40.3% year-over-year revenue growth to $1.48 billion.
• Several analysts raised their price targets for AppLovin, with Goldman Sachs increasing theirs to $435 and JPMorgan Chase raising theirs to $400, reflecting a generally favorable view on the stock.

University of Texas Texas AM Investment Management Co. boosted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 60.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,854 shares of the company's stock after acquiring an additional 2,577 shares during the period. University of Texas Texas AM Investment Management Co.'s holdings in AppLovin were worth $1,816,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Inspire Advisors LLC bought a new stake in AppLovin in the first quarter valued at $536,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in AppLovin by 16.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,806 shares of the company's stock valued at $13,727,000 after acquiring an additional 7,197 shares in the last quarter. HB Wealth Management LLC boosted its position in AppLovin by 36.9% during the 1st quarter. HB Wealth Management LLC now owns 3,259 shares of the company's stock valued at $864,000 after acquiring an additional 879 shares in the last quarter. Zweig DiMenna Associates LLC boosted its position in AppLovin by 80.5% during the 1st quarter. Zweig DiMenna Associates LLC now owns 132,635 shares of the company's stock valued at $35,144,000 after acquiring an additional 59,135 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its position in shares of AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at $1,014,461,006.13. This represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of APP stock traded up $25.23 during trading hours on Thursday, hitting $388.54. The stock had a trading volume of 5,444,901 shares, compared to its average volume of 7,091,451. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The stock's 50-day moving average price is $362.17 and its two-hundred day moving average price is $336.61. The stock has a market capitalization of $131.48 billion, a price-to-earnings ratio of 70.29, a PEG ratio of 2.15 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business's quarterly revenue was up 40.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.67 EPS. Equities analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Scotiabank raised AppLovin to a "strong-buy" rating in a report on Tuesday, July 8th. Benchmark reiterated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. Finally, Wall Street Zen upgraded shares of AppLovin from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $447.57.

AppLovin Profile

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.