Oak Ridge Investments LLC Decreases Stock Position in AppLovin Corporation $APP

Oak Ridge Investments LLC lessened its position in AppLovin Corporation (NASDAQ:APP) by 11.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 17,618 shares of the company’s stock after selling 2,189 shares during the quarter. Oak Ridge Investments LLC’s holdings in AppLovin were worth $6,168,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vestcor Inc lifted its position in shares of AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock valued at $1,088,000 after acquiring an additional 33 shares in the last quarter. Fortitude Family Office LLC lifted its position in shares of AppLovin by 32.7% in the second quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock valued at $48,000 after acquiring an additional 34 shares in the last quarter. GSG Advisors LLC lifted its position in shares of AppLovin by 0.3% in the first quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock valued at $2,820,000 after acquiring an additional 35 shares in the last quarter. Argentarii LLC lifted its position in shares of AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company’s stock valued at $699,000 after acquiring an additional 40 shares in the last quarter. Finally, Atlas Capital Advisors Inc. lifted its position in shares of AppLovin by 11.3% in the first quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company’s stock valued at $104,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of the firm’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares of the company’s stock, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock worth $514,863,333 in the last three months. 13.66% of the stock is owned by insiders.

AppLovin Price Performance

APP stock opened at $569.89 on Friday. The business has a fifty day moving average of $537.64 and a two-hundred day moving average of $401.07. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $192.77 billion, a price-to-earnings ratio of 80.95, a price-to-earnings-growth ratio of 3.09 and a beta of 2.53. AppLovin Corporation has a 52-week low of $139.40 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.89 earnings per share. As a group, research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analysts Set New Price Targets

APP has been the topic of several research reports. Benchmark raised their target price on AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Zacks Research downgraded AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Piper Sandler lifted their price objective on AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Bank of America lifted their price objective on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Finally, Wedbush lifted their price objective on AppLovin from $725.00 to $745.00 and gave the stock an “outperform” rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $597.38.

AppLovin Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.