Resona Asset Management Co. Ltd. Sells 2,960 Shares of AppLovin Corporation $APP

Resona Asset Management Co. Ltd. lowered its position in AppLovin Corporation (NASDAQ:APP) by 4.1% in the 4th quarter, Holdings Channel reports. The fund owned 69,502 shares of the company’s stock after selling 2,960 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in AppLovin were worth $47,158,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Mediolanum International Funds Ltd boosted its stake in AppLovin by 73.5% during the 3rd quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock valued at $54,664,000 after purchasing an additional 32,510 shares during the last quarter. Allworth Financial LP boosted its stake in AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the last quarter. CIBC Asset Management Inc boosted its stake in AppLovin by 14.8% during the 3rd quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock valued at $84,160,000 after purchasing an additional 15,074 shares during the last quarter. APG Asset Management N.V. purchased a new stake in AppLovin during the 3rd quarter valued at $4,958,000. Finally, Trek Financial LLC boosted its stake in AppLovin by 851.6% during the 3rd quarter. Trek Financial LLC now owns 9,630 shares of the company’s stock valued at $6,920,000 after purchasing an additional 8,618 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on APP shares. Evercore reiterated a “buy” rating on shares of AppLovin in a research note on Friday, January 30th. Morgan Stanley set a $720.00 target price on AppLovin in a research note on Thursday, February 12th. Needham & Company LLC reiterated a “buy” rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Scotiabank raised their price target on AppLovin from $750.00 to $775.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $664.35.

AppLovin Price Performance

Shares of AppLovin stock opened at $492.38 on Tuesday. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The stock’s fifty day moving average is $446.94 and its 200 day moving average is $527.38. The stock has a market cap of $165.41 billion, a P/E ratio of 42.30, a P/E/G ratio of 0.81 and a beta of 2.37. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the firm earned $1.67 EPS. AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. Sell-side analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value 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. This trade represents a 2.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 365,244 shares of company stock valued at $169,584,607. 13.66% of the stock is owned by company insiders.

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.