Rice Partnership LLC Invests $4.61 Million in AppLovin Corporation $APP

Rice Partnership LLC acquired a new position in AppLovin Corporation (NASDAQ:APP) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 6,845 shares of the company’s stock, valued at approximately $4,612,000.

Other large investors have also recently made changes to their positions in the company. Allworth Financial LP lifted its stake in shares of AppLovin by 131.7% in the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the period. APG Asset Management N.V. purchased a new position in shares of AppLovin in the 3rd quarter valued at approximately $4,958,000. Metis Global Partners LLC lifted its stake in shares of AppLovin by 138.3% in the 3rd quarter. Metis Global Partners LLC now owns 10,094 shares of the company’s stock valued at $7,253,000 after purchasing an additional 5,859 shares during the period. Hartford Investment Management Co. purchased a new position in shares of AppLovin in the 3rd quarter valued at approximately $11,397,000. Finally, Stratos Wealth Partners LTD. lifted its stake in shares of AppLovin by 35.4% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 27,831 shares of the company’s stock valued at $19,998,000 after purchasing an additional 7,271 shares during the period. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Down 1.3%

APP stock opened at $605.63 on Wednesday. The firm has a market cap of $203.46 billion, a PE ratio of 52.03, a price-to-earnings-growth ratio of 1.00 and a beta of 2.45. The business has a 50 day moving average of $460.05 and a 200 day moving average of $520.92. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.67 EPS. On average, research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 40,704 shares of AppLovin stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer owned 2,430,414 shares of the company’s stock, valued at approximately $1,117,625,877.90. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the sale, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 464,016 shares of company stock worth $218,477,985 in the last 90 days. 13.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on APP shares. Jefferies Financial Group lowered their target price on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Piper Sandler raised their target price on AppLovin from $650.00 to $665.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Oppenheimer lowered their target price on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. The Goldman Sachs Group lowered their target price on AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Finally, Arete Research set a $340.00 price objective on AppLovin and gave the company a “neutral” rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $664.35.

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.