State Street Corp Boosts Position in AppLovin Corporation $APP

State Street Corp lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 0.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,904,843 shares of the company’s stock after acquiring an additional 52,377 shares during the period. State Street Corp owned 3.52% of AppLovin worth $8,021,721,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Washington Trust Advisors Inc. increased its position in shares of AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of AppLovin during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC acquired a new position in AppLovin in the 4th quarter valued at about $32,000. Graney & King LLC acquired a new position in AppLovin in the 3rd quarter valued at about $36,000. Finally, Aventura Private Wealth LLC acquired a new position in AppLovin in the 4th quarter valued at about $38,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on APP. UBS Group lowered their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Citigroup reaffirmed a “buy” rating and issued a $710.00 price target on shares of AppLovin in a report on Monday, June 1st. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday. Needham & Company LLC restated a “buy” rating and set a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Finally, Benchmark restated a “buy” rating on shares of AppLovin in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $669.62.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 8,112 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $483.67, for a total value of $3,923,531.04. Following the sale, the chief technology officer directly owned 18,805 shares of the company’s stock, valued at approximately $9,095,414.35. This trade represents a 30.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $5,431,200.00. Following the completion of the sale, the chief financial officer directly owned 177,450 shares in the company, 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. Insiders sold 389,924 shares of company stock worth $187,404,946 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Up 3.8%

APP opened at $496.77 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market cap of $166.88 billion, a P/E ratio of 42.68, a PEG ratio of 0.78 and a beta of 2.45. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61. The business’s fifty day simple moving average is $482.88 and its 200 day simple moving average is $520.84.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business 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 revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.67 earnings per share. As a group, equities research analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

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.