OceanIQ Capital LLC Makes New Investment in AppLovin Corporation $APP

OceanIQ Capital LLC purchased a new stake in AppLovin Corporation (NASDAQ:APP) in the second quarter, HoldingsChannel reports. The firm purchased 2,523 shares of the company’s stock, valued at approximately $1,300,000. AppLovin accounts for approximately 0.8% of OceanIQ Capital LLC’s investment portfolio, making the stock its 20th biggest position.

Several other large investors have also recently bought and sold shares of APP. State Street Corp lifted its stake in shares of AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after acquiring an additional 52,377 shares during the period. Geode Capital Management LLC boosted its holdings in AppLovin by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after acquiring an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in AppLovin by 3.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after purchasing an additional 212,349 shares during the period. Morgan Stanley increased its position in AppLovin by 10.7% in the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after purchasing an additional 538,806 shares during the period. Finally, WCM Investment Management LLC raised its holdings 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 purchasing an additional 245,290 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of AppLovin from $585.00 to $465.00 and set a “neutral” rating on the stock in a research note on Thursday, August 6th. Royal Bank Of Canada cut their price target on AppLovin from $700.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. BTIG Research reduced their price target on AppLovin from $574.00 to $408.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Bank of America reaffirmed a “neutral” rating and set a $400.00 price objective (down from $430.00) on shares of AppLovin in a research note on Tuesday, August 11th. Finally, Morgan Stanley cut their target price on AppLovin from $720.00 to $650.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average price target of $538.61.

AppLovin Price Performance

Shares of APP stock opened at $320.56 on Friday. AppLovin Corporation has a 12-month low of $297.50 and a 12-month high of $745.61. The firm has a market capitalization of $107.28 billion, a price-to-earnings ratio of 24.64, a price-to-earnings-growth ratio of 0.66 and a beta of 2.49. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm has a fifty day moving average of $394.59 and a 200-day moving average of $440.28.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The firm’s revenue was up 52.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.39 EPS. On average, equities research analysts forecast that AppLovin Corporation will post 15.53 earnings per share for the current year.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Foroughi sold 22,544 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 271,152 shares of company stock valued at $135,295,830 over the last 90 days. 12.81% of the stock is owned by company insiders.

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.