Storgate LLC Makes New Investment in AppLovin Corporation $APP

Storgate LLC purchased a new position in shares of AppLovin Corporation (NASDAQ:APP) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 3,508 shares of the company’s stock, valued at approximately $2,364,000. AppLovin accounts for about 1.9% of Storgate LLC’s investment portfolio, making the stock its 4th biggest position.

Other hedge funds also recently modified their holdings of the company. Washington Trust Advisors Inc. boosted its stake in shares of 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 purchasing an additional 24 shares during the last quarter. Board of the Pension Protection Fund purchased a new position in shares of AppLovin during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin during the 4th quarter worth about $32,000. Graney & King LLC purchased a new position in shares of AppLovin during the 3rd quarter worth about $36,000. Finally, Aventura Private Wealth LLC purchased a new position in shares of AppLovin during the 4th quarter worth about $38,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the transaction, the chief executive officer owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction 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. The trade was a 2.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 389,924 shares of company stock valued at $187,404,946 in the last three months. 13.66% of the stock is owned by company insiders.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

AppLovin Trading Up 3.8%

NASDAQ APP opened at $496.77 on Friday. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The company’s 50 day moving average price is $482.88 and its 200 day moving average price is $520.84. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The firm has a market capitalization of $166.88 billion, a price-to-earnings ratio of 42.68, a PEG ratio of 0.78 and a beta of 2.45.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the firm posted $1.67 earnings per share. AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. On average, sell-side analysts predict that AppLovin Corporation will post 15.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on APP shares. Wedbush reiterated an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Argus started coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective on the stock. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday. Finally, Citigroup reiterated a “buy” rating and set a $710.00 price objective on shares of AppLovin in a report on Monday, June 1st. 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $669.62.

About AppLovin

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.