Assenagon Asset Management S.A. Increases Position in AppLovin Corporation $APP

Assenagon Asset Management S.A. increased its position in AppLovin Corporation (NASDAQ:APP) by 37.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,752 shares of the company’s stock after acquiring an additional 1,579 shares during the period. Assenagon Asset Management S.A.’s holdings in AppLovin were worth $2,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin in the fourth quarter worth about $294,000. Bison Wealth LLC acquired a new position in AppLovin in the 4th quarter worth approximately $239,000. Toronto Dominion Bank raised its position in AppLovin by 22.0% during the 4th quarter. Toronto Dominion Bank now owns 30,705 shares of the company’s stock worth $9,943,000 after buying an additional 5,531 shares during the last quarter. Integrated Advisors Network LLC acquired a new stake in AppLovin during the 4th quarter valued at approximately $285,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of AppLovin in the 4th quarter valued at $470,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider directly owned 269,955 shares in the company, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last quarter. 13.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on APP. Zacks Research raised shares of AppLovin to a “strong-buy” rating in a report on Friday, August 8th. Citigroup reiterated a “buy” rating on shares of AppLovin in a research note on Thursday, May 29th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Wedbush raised their target price on AppLovin from $620.00 to $725.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Finally, BTIG Research boosted their price target on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $513.38.

AppLovin Price Performance

Shares of AppLovin stock opened at $639.91 on Friday. The firm has a market cap of $216.45 billion, a PE ratio of 90.90, a P/E/G ratio of 3.55 and a beta of 2.44. AppLovin Corporation has a twelve month low of $125.62 and a twelve month high of $670.19. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The business has a 50-day moving average price of $474.49 and a 200 day moving average price of $373.64.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. The company 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%.AppLovin’s revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.89 earnings per share. Sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.