DNB Asset Management AS Decreases Stock Position in AppLovin Corporation $APP

DNB Asset Management AS cut its stake in AppLovin Corporation (NASDAQ:APP) by 37.6% in the fourth quarter, HoldingsChannel reports. The firm owned 50,480 shares of the company’s stock after selling 30,431 shares during the quarter. DNB Asset Management AS’s holdings in AppLovin were worth $34,014,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Commerzbank Aktiengesellschaft FI boosted its holdings in AppLovin by 24.6% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 2,806 shares of the company’s stock valued at $1,891,000 after purchasing an additional 554 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in AppLovin by 1,079.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 142,235 shares of the company’s stock valued at $95,841,000 after purchasing an additional 130,179 shares during the period. Phoenix Financial Ltd. boosted its holdings in AppLovin by 15.2% in the fourth quarter. Phoenix Financial Ltd. now owns 6,000 shares of the company’s stock valued at $4,041,000 after purchasing an additional 791 shares during the period. Donoghue Forlines LLC purchased a new position in AppLovin in the fourth quarter valued at $276,000. Finally, Bessemer Group Inc. boosted its holdings in AppLovin by 1,234.9% in the fourth quarter. Bessemer Group Inc. now owns 119,940 shares of the company’s stock valued at $80,819,000 after purchasing an additional 110,955 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APP has been the subject of a number of recent research reports. Oppenheimer decreased their target price on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Evercore restated a “buy” rating on shares of AppLovin in a research note on Friday, January 30th. Piper Sandler raised their price target on AppLovin from $650.00 to $665.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Wells Fargo & Company raised their price target on AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their price target on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $664.35.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. The trade was a 1.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 365,244 shares of company stock worth $169,584,607 in the last quarter. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Up 3.3%

APP opened at $501.00 on Friday. The business’s 50-day simple moving average is $447.26 and its 200-day simple moving average is $529.13. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The stock has a market capitalization of $168.31 billion, a P/E ratio of 43.04, a price-to-earnings-growth ratio of 0.81 and a beta of 2.37.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the firm earned $1.67 earnings per share. The business’s revenue was up 58.9% compared to the same quarter last year. Analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

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.