Oppenheimer Asset Management Inc. Decreases Stake in AppLovin Corporation $APP

Oppenheimer Asset Management Inc. reduced its holdings in AppLovin Corporation (NASDAQ:APP) by 15.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,061 shares of the company’s stock after selling 3,501 shares during the period. Oppenheimer Asset Management Inc.’s holdings in AppLovin were worth $6,673,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also bought and sold shares of APP. Hilltop National Bank purchased a new position in AppLovin in the 2nd quarter worth approximately $26,000. Bartlett & CO. Wealth Management LLC purchased a new position in AppLovin during the first quarter worth approximately $29,000. SouthState Corp purchased a new position in AppLovin during the first quarter worth approximately $29,000. Cornerstone Planning Group LLC raised its holdings in shares of AppLovin by 428.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock worth $33,000 after acquiring an additional 107 shares during the period. Finally, Hoey Investments Inc. purchased a new position in shares of AppLovin during the 2nd quarter worth $35,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

APP stock opened at $643.10 on Tuesday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $217.53 billion, a PE ratio of 91.35, a P/E/G ratio of 3.37 and a beta of 2.53. AppLovin Corporation has a 12-month low of $158.33 and a 12-month high of $745.61. The business’s fifty day moving average price is $573.18 and its 200 day moving average price is $427.78.

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

Insider Buying and Selling at AppLovin

In related news, Director Dawson Alyssa Harvey sold 350 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the sale, the director directly owned 3,150 shares of the company’s stock, valued at $1,537,105.50. This represents a 10.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock valued at $514,863,333 in the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wedbush lifted their price target on AppLovin from $725.00 to $745.00 and gave the stock an “outperform” rating in a report on Monday, October 6th. Royal Bank Of Canada started coverage on shares of AppLovin in a research note on Monday, October 13th. They set an “outperform” rating and a $700.00 target price on the stock. UBS Group lifted their price target on shares of AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Oppenheimer set a $740.00 price target on shares of AppLovin in a research report on Tuesday, October 7th. Finally, Phillip Securities upgraded AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $605.13.

AppLovin Company 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.