Dorsey Asset Management LLC Invests $126.15 Million in AppLovin Corporation $APP

Dorsey Asset Management LLC bought a new position in shares of AppLovin Corporation (NASDAQ:APP) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 316,952 shares of the company’s stock, valued at approximately $126,147,000. AppLovin accounts for about 10.0% of Dorsey Asset Management LLC’s investment portfolio, making the stock its 4th largest holding.

Several other large investors have also modified their holdings of APP. Redhawk Wealth Advisors Inc. lifted its position in AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after buying an additional 18 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in AppLovin by 5.7% in the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after purchasing an additional 18 shares during the period. Finivi Inc. grew its stake in AppLovin by 3.2% during the 4th quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after purchasing an additional 22 shares in the last quarter. Alta Wealth Advisors LLC grew its position in shares of AppLovin by 0.6% during the fourth quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock worth $2,645,000 after buying an additional 24 shares in the last quarter. Finally, Washington Trust Advisors Inc. grew its holdings in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Down 1.7%

Shares of NASDAQ APP opened at $391.98 on Friday. AppLovin Corporation has a 12-month low of $357.03 and a 12-month high of $745.61. The company has a market capitalization of $131.68 billion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 0.64 and a beta of 2.49. 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’s 50-day moving average is $498.97 and its two-hundred day moving average is $480.08.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share 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 business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the company posted $1.67 EPS. The company’s revenue was up 58.9% on a year-over-year basis. Equities analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on APP shares. KeyCorp set a $775.00 price objective on AppLovin in a report on Wednesday, June 10th. Weiss Ratings cut shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. JPMorgan Chase & Co. upped their price target on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. UBS Group reduced their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Finally, Piper Sandler reissued an “overweight” rating on shares of AppLovin in a 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 issued a Hold rating to the company. According to data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $668.45.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 393,000 shares of company stock valued at $197,297,363. Company insiders own 12.81% of the company’s stock.

AppLovin Profile

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.