E. Ohman J or Asset Management AB Grows Stock Position in AppLovin Corporation $APP

E. Ohman J or Asset Management AB lifted its stake in AppLovin Corporation (NASDAQ:APP) by 49.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,341 shares of the company’s stock after purchasing an additional 2,750 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in AppLovin were worth $4,298,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares during the period. Corient Private Wealth LLC raised its position in AppLovin by 3,118.6% during the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after buying an additional 4,063,763 shares during the last quarter. Norges Bank acquired a new stake in AppLovin during the 4th quarter valued at approximately $2,040,321,000. Northern Trust Corp boosted its holdings in shares of AppLovin by 46.8% in the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after acquiring an additional 756,660 shares during the last quarter. Finally, Amundi increased its stake in shares of AppLovin by 81.3% in the fourth quarter. Amundi now owns 1,426,896 shares of the company’s stock worth $961,471,000 after acquiring an additional 639,836 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on APP shares. Scotiabank restated a “sector outperform” rating and set a $515.00 target price on shares of AppLovin in a research report on Thursday. Royal Bank Of Canada decreased their price objective on AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $357.00 target price (down from $575.00) on shares of AppLovin in a report on Thursday, August 6th. Raymond James Financial initiated coverage on AppLovin in a report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price target for the company. Finally, Bank of America lowered their price objective on AppLovin from $705.00 to $430.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $574.82.

Insider Transactions at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 393,000 shares of company stock valued at $197,297,363. Insiders own 12.81% of the company’s stock.

Key AppLovin News

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: AppLovin reported approximately 53% year-over-year revenue growth in the second quarter, with margins above 75%. Supporters argue that the results demonstrate strong scalability and that the company’s expansion into consumer brands, non-gaming applications, web advertising and connected TV could substantially increase its addressable market. AppLovin: I Am Buying The Q2 Stock Plunge
• Positive Sentiment: Third-quarter guidance was described as upbeat, and some analysts and investors believe the recent pullback may be excessive. A technical analysis article suggested that the downtrend could be ending as the shares consolidate near recent lows. Stock Of The Day: Is This The Bottom For AppLovin?
• Neutral Sentiment: Several Wall Street firms reduced their AppLovin price targets, including Citigroup and Morgan Stanley to $650, RBC to $575, BTIG to $574, Needham to $500 and Bank of America to $430. Wells Fargo reiterated an Equal Weight rating. The target reductions signal lower near-term expectations, although most targets remain above the current trading range. Citigroup Cuts AppLovin Price Target
• Negative Sentiment: The principal pressure on APP is the second-quarter revenue shortfall relative to analyst estimates and a sequential growth slowdown. Investors are concerned that improvements to the company’s machine-learning advertising models may be taking longer than expected, raising questions about execution and the pace of future growth. APP Stock Falls Since Q2 Earnings
• Negative Sentiment: The combination of the revenue miss, execution concerns and multiple analyst target cuts has overshadowed AppLovin’s strong growth, causing the stock to fall about 17% since the earnings release and remain highly volatile. AppLovin Revenue Jumped 53%: Why the Stock Plunged

AppLovin Stock Down 2.2%

Shares of NASDAQ APP opened at $339.00 on Tuesday. The firm has a market cap of $113.88 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 0.64 and a beta of 2.54. The company’s 50-day simple moving average is $468.68 and its 200-day simple moving average is $461.58. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a 52-week low of $332.19 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the firm posted $2.39 EPS. AppLovin’s revenue was up 52.8% compared to the same quarter last year. Equities analysts predict that AppLovin Corporation will post 15.56 EPS for the current fiscal year.

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.