Great Lakes Advisors LLC Makes New Investment in AppLovin Corporation $APP

Great Lakes Advisors LLC acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, HoldingsChannel reports. The firm acquired 4,058 shares of the company’s stock, valued at approximately $2,091,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Verdence Capital Advisors LLC grew its stake in AppLovin by 5.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after purchasing an additional 18 shares during the period. Revolve Wealth Partners LLC grew its position in AppLovin by 2.8% during the second quarter. Revolve Wealth Partners LLC now owns 851 shares of the company’s stock valued at $438,000 after buying an additional 23 shares during the period. Alta Wealth Advisors LLC grew its position in AppLovin by 0.6% during the fourth quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock valued at $2,645,000 after buying an additional 24 shares during the period. Washington Trust Advisors Inc. increased its holdings in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 24 shares during the last quarter. Finally, IMA Advisory Services Inc. raised its position in AppLovin by 40.0% in the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company’s stock worth $33,000 after acquiring an additional 24 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the sale, the chief executive officer owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the firm’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 transaction, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 303,280 shares of company stock valued at $153,835,185 over the last three months. Corporate insiders own 12.81% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $305.77 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. AppLovin Corporation has a fifty-two week low of $298.00 and a fifty-two week high of $745.61. The stock has a market cap of $102.33 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 0.62 and a beta of 2.54. The stock has a fifty day moving average of $427.68 and a 200-day moving average of $448.23.

AppLovin (NASDAQ:APP) last posted its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.76. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. AppLovin’s revenue was up 52.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.39 EPS. Equities research analysts anticipate that AppLovin Corporation will post 15.57 earnings per share for the current year.

Analyst Ratings Changes

APP has been the topic of a number of research analyst reports. Piper Sandler dropped their target price on shares of AppLovin from $385.00 to $325.00 and set a “neutral” rating on the stock in a research note on Friday. KeyCorp set a $775.00 price target on shares of AppLovin in a report on Wednesday, June 10th. Citigroup dropped their price objective on AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Weiss Ratings raised AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Finally, Scotiabank restated a “sector outperform” rating and issued a $515.00 target price on shares of AppLovin in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $553.83.

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.