New Age Alpha Advisors LLC Acquires New Position in AppLovin Corporation $APP

New Age Alpha Advisors LLC acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,096 shares of the company’s stock, valued at approximately $739,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. Mediolanum International Funds Ltd increased its position in shares of AppLovin by 73.5% during the 3rd quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock worth $54,664,000 after purchasing an additional 32,510 shares in the last quarter. Allworth Financial LP increased its position in shares of AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after purchasing an additional 3,438 shares in the last quarter. APG Asset Management N.V. acquired a new stake in shares of AppLovin during the 3rd quarter worth about $4,958,000. Principal Financial Group Inc. increased its position in shares of AppLovin by 946.5% during the 3rd quarter. Principal Financial Group Inc. now owns 326,999 shares of the company’s stock worth $234,962,000 after purchasing an additional 295,753 shares in the last quarter. Finally, Metis Global Partners LLC increased its position in shares of AppLovin by 138.3% during the 3rd quarter. Metis Global Partners LLC now owns 10,094 shares of the company’s stock worth $7,253,000 after purchasing an additional 5,859 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APP has been the subject of a number of recent analyst reports. Royal Bank Of Canada reiterated an “outperform” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, February 12th. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Weiss Ratings cut shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Finally, Evercore reiterated a “buy” rating on shares of AppLovin in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $664.35.

AppLovin Stock Up 5.6%

Shares of NASDAQ:APP opened at $599.89 on Friday. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61. The company’s 50-day moving average price is $453.17 and its two-hundred day moving average price is $521.05. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market cap of $201.53 billion, a P/E ratio of 51.54, a P/E/G ratio of 0.92 and a beta of 2.37.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the firm earned $1.67 EPS. The company’s revenue was up 58.9% on a year-over-year basis. As a group, research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 2,889 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $488.90, for a total transaction of $1,412,432.10. Following the sale, the chief technology officer owned 17,945 shares of the company’s stock, valued at $8,773,310.50. This represents a 13.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of the stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $459.85, for a total transaction of $18,717,734.40. Following the sale, the chief executive officer directly owned 2,430,414 shares in the company, valued at approximately $1,117,625,877.90. This represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 454,964 shares of company stock valued at $213,046,785 in the last 90 days. 13.66% of the stock is currently owned by insiders.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Morgan Stanley reiterated an Overweight rating and $720 price target, helping push shares sharply higher and reinforcing the view that Wall Street still sees more upside in APP. AppLovin Stock Is Having a Bad Year. Why It’s Today’s Top Performer in the S&P 500.
• Positive Sentiment: Needham & Company reaffirmed a Buy rating and raised its price target to $700, while Deutsche Bank also lifted its target to $660, signaling continued analyst confidence in AppLovin’s growth story. Benzinga report on Needham rating
• Positive Sentiment: The company’s recent earnings results were strong, with revenue up 58.9% year over year and both EPS and revenue beating expectations, supporting the bullish case for the stock. AppLovin stock overview
• Neutral Sentiment: A Zacks comparison piece said Coherent may be better positioned than APP due to valuation concerns, which highlights that AppLovin’s premium pricing remains a debate among investors. Coherent vs. AppLovin: Which AI Growth Stock is Better Positioned?
• Negative Sentiment: Recent SEC filings show CTO Vasily Shikin sold shares, which can create some caution around insider sentiment even though the sales were small relative to his remaining stake. SEC filing for insider sale

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.