Augustine Asset Management Inc. Reduces Stake in AppLovin Corporation $APP

Augustine Asset Management Inc. cut its stake in shares of AppLovin Corporation (NASDAQ:APP) by 3.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 267,690 shares of the company’s stock after selling 8,995 shares during the period. AppLovin accounts for about 38.7% of Augustine Asset Management Inc.’s investment portfolio, making the stock its biggest holding. Augustine Asset Management Inc. owned 0.08% of AppLovin worth $192,346,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of AppLovin in the 2nd quarter valued at approximately $951,541,000. National Pension Service raised its position in AppLovin by 82.2% during the second quarter. National Pension Service now owns 790,271 shares of the company’s stock worth $276,658,000 after acquiring an additional 356,443 shares in the last quarter. Voya Investment Management LLC raised its position in AppLovin by 235.5% during the third quarter. Voya Investment Management LLC now owns 496,560 shares of the company’s stock worth $356,800,000 after acquiring an additional 348,548 shares in the last quarter. Strs Ohio acquired a new stake in AppLovin in the first quarter valued at $86,173,000. Finally, Fred Alger Management LLC grew its position in shares of AppLovin by 12.0% in the 1st quarter. Fred Alger Management LLC now owns 2,833,792 shares of the company’s stock valued at $750,870,000 after acquiring an additional 303,063 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. UBS Group reaffirmed a “buy” rating and issued a $775.00 target price on shares of AppLovin in a report on Thursday, December 11th. Bank of America upped their price objective on AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Oppenheimer set a $740.00 target price on AppLovin in a research note on Tuesday, October 7th. Citigroup dropped their price target on AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Finally, Royal Bank Of Canada raised their price target on AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $695.90.

AppLovin Stock Performance

NASDAQ:APP opened at $632.91 on Tuesday. The stock has a 50 day simple moving average of $639.03 and a 200 day simple moving average of $537.14. The stock has a market cap of $213.89 billion, a P/E ratio of 76.81, a PEG ratio of 2.04 and a beta of 2.50. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the business earned $1.29 EPS. The company’s quarterly revenue was up 68.2% compared to the same quarter last year. Research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 150,000 shares of AppLovin stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $650.91, for a total value of $97,636,500.00. Following the completion of the sale, the director owned 7,133,292 shares in the company, valued at $4,643,131,095.72. The trade was a 2.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the completion of the sale, the chief technology officer directly owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. This represents a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 340,336 shares of company stock valued at $200,062,623. 13.66% of the stock is owned by company insiders.

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.