Praxis Investment Management Inc. Has $2.33 Million Stock Position in AppLovin Corporation $APP

Praxis Investment Management Inc. lowered its stake in AppLovin Corporation (NASDAQ:APP) by 6.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,660 shares of the company’s stock after selling 480 shares during the quarter. Praxis Investment Management Inc.’s holdings in AppLovin were worth $2,332,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares during the period. Baillie Gifford & Co. lifted its stake in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Invesco Ltd. lifted its stake in shares of AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock valued at $1,062,876,000 after purchasing an additional 992,316 shares during the period. Finally, Kensico Capital Management Corp lifted its stake in shares of AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after purchasing an additional 328,000 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on APP. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. Morgan Stanley upped their price objective on shares of AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Piper Sandler upped their price objective on shares of AppLovin from $500.00 to $740.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Oppenheimer set a $740.00 price objective on shares of AppLovin in a research report on Tuesday, October 7th. Finally, Wells Fargo & Company upped their price objective on shares of AppLovin from $491.00 to $633.00 and gave the company an “overweight” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $600.59.

AppLovin Price Performance

APP stock opened at $605.68 on Friday. The stock has a 50-day moving average price of $553.38 and a two-hundred day moving average price of $409.27. The stock has a market cap of $204.87 billion, a PE ratio of 86.03, a price-to-earnings-growth ratio of 3.27 and a beta of 2.53. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 1 year low of $141.35 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP) last released its 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 firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company’s revenue was up 77.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 EPS. Equities analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Activity

In other news, Director Eduardo Vivas sold 125,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total value of $58,250,000.00. Following the completion of the transaction, the director owned 7,283,292 shares in the company, valued at $3,394,014,072. This trade represents a 1.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the transaction, the chief executive officer owned 2,620,054 shares of the company’s stock, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is currently owned by insiders.

About AppLovin

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.