Resona Asset Management Co. Ltd. Grows Position in AppLovin Corporation $APP

Resona Asset Management Co. Ltd. lifted its position in shares of AppLovin Corporation (NASDAQ:APP) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,196 shares of the company’s stock after purchasing an additional 1,694 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in AppLovin were worth $27,977,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in AppLovin by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after buying an additional 166,117 shares during the period. State Street Corp increased its holdings in AppLovin by 0.4% in the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after buying an additional 52,377 shares in the last quarter. Geode Capital Management LLC raised its position in shares of AppLovin by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after acquiring an additional 448,005 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of AppLovin by 3.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after acquiring an additional 212,349 shares during the period. Finally, Morgan Stanley raised its position in shares of AppLovin by 10.7% in the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after acquiring an additional 538,806 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APP has been the topic of a number of analyst reports. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research report on Tuesday. Argus assumed coverage on AppLovin in a report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price target for the company. Weiss Ratings raised AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Raymond James Financial assumed coverage on AppLovin in a research report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $660.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Two 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

AppLovin Price Performance

NASDAQ:APP opened at $520.43 on Friday. AppLovin Corporation has a one year low of $332.32 and a one year high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The stock has a market cap of $174.83 billion, a PE ratio of 44.71, a P/E/G ratio of 0.85 and a beta of 2.49. The stock has a 50 day moving average price of $507.88 and a 200 day moving average price of $499.10.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm’s revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 earnings per share. Equities research analysts expect that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 393,000 shares of company stock worth $197,297,363. Corporate insiders own 13.66% of the company’s stock.

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.