Avenir Tech Ltd Buys New Shares in AppLovin Corporation $APP

Avenir Tech Ltd bought a new position in AppLovin Corporation (NASDAQ:APP) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 7,600 shares of the company’s stock, valued at approximately $2,661,000. AppLovin comprises 0.2% of Avenir Tech Ltd’s portfolio, making the stock its 11th largest position.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of AppLovin in the second quarter worth about $951,541,000. Price T Rowe Associates Inc. MD increased its holdings in AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after buying an additional 1,769,400 shares during the period. Nuveen LLC purchased a new position in AppLovin during the 1st quarter worth approximately $198,050,000. Royal Bank of Canada raised its position in AppLovin by 61.1% during the 1st quarter. Royal Bank of Canada now owns 1,434,503 shares of the company’s stock worth $380,102,000 after buying an additional 544,107 shares during the last quarter. Finally, Amundi lifted its stake in AppLovin by 82.8% during the 1st quarter. Amundi now owns 1,103,586 shares of the company’s stock valued at $289,117,000 after acquiring an additional 499,820 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 4,069 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the completion of the transaction, the chief executive officer owned 2,998,948 shares in the company, valued at $1,491,976,630. This represents a 0.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 4,884 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $515.76, for a total transaction of $2,518,971.84. Following the completion of the transaction, the chief financial officer directly owned 191,161 shares in the company, valued at $98,593,197.36. This represents a 2.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 332,577 shares of company stock valued at $194,958,522. 13.66% of the stock is owned by corporate insiders.

AppLovin Stock Performance

Shares of APP stock opened at $689.76 on Tuesday. 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 Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The business’s 50 day moving average is $608.43 and its two-hundred day moving average is $493.12. The company has a market capitalization of $233.10 billion, a P/E ratio of 83.71, a P/E/G ratio of 3.71 and a beta of 2.51.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Bank of America increased their price objective on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of AppLovin in a research report on Monday, December 1st. JPMorgan Chase & Co. lifted their price objective on AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. UBS Group upped their target price on AppLovin from $810.00 to $840.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Finally, Phillip Securities raised AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Nineteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $679.85.

AppLovin Profile

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.