State of Alaska Department of Revenue Buys 6,947 Shares of AppLovin Corporation $APP

State of Alaska Department of Revenue lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 26.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,309 shares of the company’s stock after purchasing an additional 6,947 shares during the quarter. State of Alaska Department of Revenue’s holdings in AppLovin were worth $9,674,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp grew its stake in shares of AppLovin by 28.3% in the 2nd quarter. State Street Corp now owns 15,095,667 shares of the company’s stock valued at $7,777,741,000 after buying an additional 3,328,338 shares during the period. WCM Investment Management LLC raised its stake in AppLovin by 5.2% during the 1st quarter. WCM Investment Management LLC now owns 5,001,600 shares of the company’s stock worth $1,860,995,000 after buying an additional 245,290 shares during the period. Invesco Ltd. boosted its holdings in AppLovin by 12.3% in the fourth quarter. Invesco Ltd. now owns 4,821,046 shares of the company’s stock worth $3,248,517,000 after acquiring an additional 528,294 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after acquiring an additional 4,063,763 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in AppLovin by 7.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,735,471 shares of the company’s stock worth $894,167,000 after acquiring an additional 121,605 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on APP. Daiwa Securities Group decreased their price objective on AppLovin from $569.00 to $345.00 and set an “outperform” rating for the company in a report on Wednesday, August 19th. Evercore reaffirmed an “outperform” rating and set a $510.00 target price (down from $630.00) on shares of AppLovin in a research report on Tuesday, September 1st. Piper Sandler reiterated a “neutral” rating on shares of AppLovin in a report on Friday, October 2nd. HSBC reduced their price target on shares of AppLovin from $450.00 to $409.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, Jefferies Financial Group decreased their price target on shares of AppLovin from $550.00 to $375.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $511.32.

More AppLovin News

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Wedbush reported that advertiser checks showed spending remained steady during the third quarter, with potential e-commerce-driven growth in the fourth quarter. The firm views AppLovin as priced for market-share losses despite finding no clear evidence of that deterioration. AppLovin Q3 seen by Wedbush as key test of model update
• Positive Sentiment: AppLovin’s third-quarter earnings report, scheduled for November 4, provides a near-term catalyst. Its latest quarter showed revenue growth of approximately 53% year over year, supported by its advertising platform, while several institutional investors added shares in the second quarter. AppLovin rises as investors appear to buy the dip
• Positive Sentiment: Analysts continue to see substantial long-term upside. Wedbush maintained an “outperform” rating while lowering its price target to $560, citing a more achievable estimate baseline and potential upside from future execution. 3 Stocks That Prove the AI Trade Isn’t Over

AppLovin Price Performance

Shares of NASDAQ APP opened at $279.29 on Friday. The stock has a market cap of $93.46 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 0.55 and a beta of 2.56. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. AppLovin Corporation has a fifty-two week low of $260.59 and a fifty-two week high of $738.01. The firm’s 50-day simple moving average is $306.77 and its 200 day simple moving average is $412.28.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $3.76 EPS for the quarter, hitting analysts’ consensus estimates of $3.76. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%. The company’s revenue for the quarter was up 52.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.39 EPS. As a group, research analysts anticipate that AppLovin Corporation will post 15.67 earnings per share for the current fiscal year.

AppLovin Profile

AppLovin Corporation is a technology company that provides software and services designed to help mobile application developers grow, monetize and analyze their businesses. Its platform supports user acquisition, advertising, in-app monetization and performance measurement for mobile apps.

The company’s products include MAX, a software platform that helps developers manage in-app advertising and maximize advertising revenue, as well as AppDiscovery, which supports app marketing and user acquisition.