Weiss Asset Management LP Buys 1,734 Shares of AppLovin Corporation $APP

by · The Cerbat Gem

Weiss Asset Management LP boosted its holdings in AppLovin Corporation (NASDAQ:APP – Free Report) by 317.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,280 shares of the company’s stock after buying an additional 1,734 shares during the quarter. Weiss Asset Management LP’s holdings in AppLovin were worth $907,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. OMERS ADMINISTRATION Corp grew its holdings in AppLovin by 15.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 13,895 shares of the company’s stock worth $5,530,000 after purchasing an additional 1,816 shares during the period. Lombard Odier Asset Management Switzerland SA boosted its holdings in AppLovin by 2.4% in the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 11,850 shares of the company’s stock worth $4,716,000 after buying an additional 280 shares during the period. Dorsey Asset Management LLC purchased a new stake in shares of AppLovin in the first quarter worth about $126,147,000. Epoch Investment Partners Inc. boosted its stake in AppLovin by 67.4% during the first quarter. Epoch Investment Partners Inc. now owns 158,017 shares of the company’s stock valued at $62,891,000 after buying an additional 63,638 shares during the period. Finally, Sustainable Insight Capital Management LLC grew its stake in AppLovin by 10.3% in the 1st quarter. Sustainable Insight Capital Management LLC now owns 1,280 shares of the company’s stock worth $509,000 after buying an additional 120 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on APP. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $660.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and set a $700.00 target price on shares of AppLovin in a report on Thursday, May 28th. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a research report on Monday, June 22nd. Argus assumed coverage on shares of AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price target for the company. Finally, 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 note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $668.45.

Check Out Our Latest Analysis on APP

AppLovin Stock Performance

Shares of APP stock opened at $412.73 on Tuesday. AppLovin Corporation has a 12-month low of $358.55 and a 12-month high of $745.61. The business’s fifty day simple moving average is $497.38 and its 200-day simple moving average is $477.57. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $138.65 billion, a PE ratio of 35.46, a PEG ratio of 0.64 and a beta of 2.49.

AppLovin (NASDAQ:APP – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the business earned $1.67 EPS. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. Analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction that occurred 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 sale, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the sale, the director owned 120,444 shares of the company’s stock, valued at $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 393,000 shares of company stock valued at $197,297,363. Insiders own 12.81% of the company’s stock.

AppLovin Company Profile

(Free Report)

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.

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