AustralianSuper Pty Ltd Makes New $555,000 Investment in AppLovin Co. (NASDAQ:APP)

AustralianSuper Pty Ltd acquired a new position in shares of AppLovin Co. (NASDAQ:APP) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,670 shares of the company’s stock, valued at approximately $555,000.

A number of other institutional investors also recently modified their holdings of the stock. WCM Investment Management LLC bought a new position in shares of AppLovin during the 1st quarter worth about $497,488,000. Sapient Capital LLC acquired a new stake in AppLovin in the fourth quarter valued at approximately $165,057,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin during the first quarter valued at approximately $195,129,000. Jericho Capital Asset Management L.P. raised its position in shares of AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares during the period. Finally, Norges Bank bought a new position in shares of AppLovin in the 4th quarter worth $43,973,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on APP shares. Stifel Nicolaus upped their price objective on shares of AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Jefferies Financial Group raised their price target on shares of AppLovin from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday, May 9th. BTIG Research boosted their price objective on AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, Wedbush dropped their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.86.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the sale, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the transaction, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dawson Alyssa Harvey sold 4,371 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $75.65, for a total value of $330,666.15. Following the completion of the transaction, the director now directly owns 11,565 shares of the company’s stock, valued at $874,892.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 637,071 shares of company stock worth $53,971,086. 14.69% of the stock is owned by company insiders.

AppLovin Stock Performance

NASDAQ APP traded down $2.38 during trading hours on Wednesday, reaching $87.92. 1,007,808 shares of the company were exchanged, compared to its average volume of 4,054,419. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59. The stock has a market capitalization of $28.93 billion, a P/E ratio of 53.75, a P/E/G ratio of 1.27 and a beta of 1.86. AppLovin Co. has a 1 year low of $34.45 and a 1 year high of $92.50. The business’s 50 day simple moving average is $81.47 and its 200-day simple moving average is $75.01.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the business earned $0.22 earnings per share. AppLovin’s revenue for the quarter was up 44.0% on a year-over-year basis. On average, equities research analysts expect that AppLovin Co. will post 2.96 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.