Vestcor Inc Acquires 4,519 Shares of AppLovin Corporation $APP

Key Points

• Vestcor Inc boosted its AppLovin stake by 35.4% in the fourth quarter, buying 4,519 additional shares and bringing its total holding to 17,294 shares valued at about $11.65 million.
• AppLovin reported stronger-than-expected Q1 results, posting EPS of $3.56 versus $3.44 expected and revenue of $1.84 billion versus $1.77 billion estimated, with revenue up 58.9% year over year.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average target price of $664.35, despite some recent target-price adjustments from major brokerages.

Vestcor Inc increased its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 35.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,294 shares of the company's stock after purchasing an additional 4,519 shares during the period. Vestcor Inc's holdings in AppLovin were worth $11,653,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of APP. Revolve Wealth Partners LLC bought a new position in shares of AppLovin during the 4th quarter valued at about $294,000. Bison Wealth LLC bought a new position in shares of AppLovin during the 4th quarter valued at about $239,000. Integrated Wealth Concepts LLC raised its position in AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock valued at $448,000 after buying an additional 621 shares during the last quarter. NewEdge Advisors LLC raised its position in AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock valued at $5,084,000 after buying an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its position in AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock valued at $48,727,000 after buying an additional 9,380 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 0.3%

NASDAQ:APP opened at $557.20 on Friday. The firm has a market capitalization of $187.19 billion, a price-to-earnings ratio of 47.87, a price-to-earnings-growth ratio of 0.91 and a beta of 2.45. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The stock's 50 day moving average price is $470.43 and its two-hundred day moving average price is $521.43. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping 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 quarterly revenue was up 58.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.67 EPS. Equities research analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director owned 6,969,382 shares of the company's stock, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer directly owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 467,092 shares of company stock worth $220,268,340 over the last 90 days. Company insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APP. JPMorgan Chase & Co. lifted their target price on AppLovin from $500.00 to $515.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Wedbush reissued an "outperform" rating and issued a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Benchmark reissued a "buy" rating on shares of AppLovin in a research report on Friday, March 6th. Arete Research set a $340.00 target price on AppLovin and gave the company a "neutral" rating in a research report on Monday, March 2nd. Finally, The Goldman Sachs Group dropped their target price on AppLovin from $710.00 to $585.00 and set a "neutral" rating on the stock in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $664.35.

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.

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