Assenagon Asset Management S.A. Buys 121 Shares of AppLovin Corporation (NASDAQ:APP)

Assenagon Asset Management S.A. increased its stake in AppLovin Corporation (NASDAQ:APP) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,173 shares of the company’s stock after purchasing an additional 121 shares during the period. Assenagon Asset Management S.A.’s holdings in AppLovin were worth $1,106,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Revolve Wealth Partners LLC bought a new position in AppLovin during the fourth quarter valued at approximately $294,000. Principal Securities Inc. lifted its position in AppLovin by 2.9% during the fourth quarter. Principal Securities Inc. now owns 5,899 shares of the company’s stock valued at $1,910,000 after buying an additional 165 shares during the period. JFS Wealth Advisors LLC lifted its position in AppLovin by 38.2% during the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock valued at $34,000 after buying an additional 29 shares during the period. Sanctuary Advisors LLC grew its stake in shares of AppLovin by 6.8% in the fourth quarter. Sanctuary Advisors LLC now owns 13,661 shares of the company’s stock worth $4,424,000 after acquiring an additional 872 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its position in shares of AppLovin by 4,272.7% in the 4th quarter. Venturi Wealth Management LLC now owns 481 shares of the company’s stock worth $156,000 after purchasing an additional 470 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Matthew Stumpf sold 9,714 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the transaction, the chief financial officer now directly owns 192,421 shares in the company, valued at $81,394,083. This trade represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 33,700 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total value of $12,318,698.00. Following the completion of the transaction, the chief executive officer now owns 2,760,363 shares of the company’s stock, valued at approximately $1,009,023,091.02. The trade was a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

APP has been the subject of several recent analyst reports. Arete Research set a $200.00 price target on AppLovin in a research report on Wednesday, March 5th. Benchmark reiterated a “buy” rating and set a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Wednesday, May 28th. Wells Fargo & Company upped their price target on AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Finally, Morgan Stanley upped their price objective on AppLovin from $420.00 to $460.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $438.10.

AppLovin Stock Performance

Shares of AppLovin stock opened at $344.37 on Thursday. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock’s fifty day moving average is $330.10 and its two-hundred day moving average is $334.71. The company has a market capitalization of $116.53 billion, a PE ratio of 62.16, a price-to-earnings-growth ratio of 2.09 and a beta of 2.53.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company earned $0.67 earnings per share. The firm’s revenue for the quarter was up 40.3% compared to the same quarter last year. As a group, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.