Ardmore Road Asset Management LP Purchases Shares of 49,900 AppLovin Corporation $APP

Ardmore Road Asset Management LP acquired a new position in AppLovin Corporation (NASDAQ:APP) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 49,900 shares of the company’s stock, valued at approximately $17,469,000. AppLovin accounts for approximately 1.4% of Ardmore Road Asset Management LP’s portfolio, making the stock its 25th biggest position.

Several other institutional investors also recently modified their holdings of APP. Hilltop National Bank acquired a new stake in shares of AppLovin during the 2nd quarter worth about $26,000. LFA Lugano Financial Advisors SA bought a new stake in AppLovin during the second quarter worth about $26,000. SouthState Corp acquired a new stake in shares of AppLovin during the first quarter worth approximately $29,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of AppLovin during the second quarter worth approximately $33,000. Finally, Hoey Investments Inc. bought a new position in shares of AppLovin in the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Morgan Stanley increased their price target on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Wedbush raised their target price on AppLovin from $745.00 to $800.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $705.00 price target on shares of AppLovin and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Finally, Wells Fargo & Company raised their price objective on shares of AppLovin from $633.00 to $721.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Nineteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $679.85.

AppLovin Price Performance

AppLovin stock opened at $691.94 on Friday. The business’s 50-day simple moving average is $608.89 and its 200 day simple moving average is $489.81. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38. The stock has a market cap of $233.84 billion, a price-to-earnings ratio of 83.97, a P/E/G ratio of 3.71 and a beta of 2.51. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company’s revenue was up 68.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.29 EPS. As a group, research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 150,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the completion of the sale, the director owned 7,133,292 shares in the company, valued at approximately $4,643,131,095.72. The trade was a 2.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the transaction, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 332,577 shares of company stock worth $194,958,522 over the last ninety days. Company insiders own 13.66% of the company’s stock.

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.