South Dakota Investment Council Buys Shares of 2,520 AppLovin Corporation $APP

South Dakota Investment Council bought a new position in AppLovin Corporation (NASDAQ:APP) in the first quarter, Holdings Channel reports. The institutional investor bought 2,520 shares of the company’s stock, valued at approximately $1,003,000.

Several other institutional investors have also modified their holdings of the stock. Cassaday & Co Wealth Management LLC acquired a new position in shares of AppLovin during the 1st quarter valued at about $25,000. Washington Trust Advisors Inc. increased its position in 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 during the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in AppLovin during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC purchased a new position in AppLovin during the fourth quarter worth about $32,000. Finally, First Pacific Financial purchased a new position in AppLovin during the first quarter worth about $33,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the transaction, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. 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 worth $197,297,363. 12.81% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have weighed in on APP. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 target price on shares of AppLovin in a report on Thursday, May 28th. Wedbush restated an “outperform” rating and set a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Citigroup reiterated a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Finally, Piper Sandler reiterated an “overweight” rating on shares of AppLovin in a research report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Trading Down 2.0%

Shares of APP stock opened at $395.90 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a market cap of $133.00 billion, a PE ratio of 34.01, a price-to-earnings-growth ratio of 0.66 and a beta of 2.49. The company has a 50-day moving average of $491.19 and a two-hundred day moving average of $472.27. AppLovin Corporation has a 1-year low of $359.00 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating 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 business 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 firm earned $1.67 EPS. The business’s revenue was up 58.9% on a year-over-year basis. On average, analysts predict that AppLovin Corporation will post 15.93 EPS for the current year.

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.