AppLovin Corporation $APP Shares Sold by Korea Investment CORP

Korea Investment CORP lowered its position in shares of AppLovin Corporation (NASDAQ:APP) by 20.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 248,298 shares of the company’s stock after selling 63,897 shares during the period. Korea Investment CORP owned about 0.07% of AppLovin worth $167,308,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Washington Trust Advisors Inc. increased its position in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Board of the Pension Protection Fund purchased a new position in shares of AppLovin during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin during the fourth quarter worth about $32,000. Graney & King LLC purchased a new position in shares of AppLovin during the third quarter worth about $36,000. Finally, Aventura Private Wealth LLC purchased a new position in shares of AppLovin during the fourth quarter worth about $38,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Key Stories Impacting 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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on APP. Wells Fargo & Company raised their price target on AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. UBS Group lowered their price target on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Piper Sandler reissued an “overweight” rating on shares of AppLovin in a report on Tuesday. Finally, KeyCorp set a $775.00 price target on AppLovin in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $669.62.

AppLovin Price Performance

Shares of APP opened at $496.77 on Friday. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The stock’s 50 day moving average is $482.88 and its two-hundred day moving average is $520.84. The firm has a market capitalization of $166.88 billion, a PE ratio of 42.68, a P/E/G ratio of 0.78 and a beta of 2.45. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the company earned $1.67 EPS. The firm’s revenue for the quarter was up 58.9% compared to the same quarter last year. Research analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 389,924 shares of company stock worth $187,404,946 in the last three months. Company insiders own 13.66% of the company’s stock.

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.