Resona Asset Management Co. Ltd. Grows Stock Holdings in AppLovin Corporation $APP

Resona Asset Management Co. Ltd. grew its position in AppLovin Corporation (NASDAQ:APP) by 2.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 71,196 shares of the company’s stock after buying an additional 1,694 shares during the period. Resona Asset Management Co. Ltd.’s holdings in AppLovin were worth $27,977,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Personal CFO Solutions LLC lifted its position in AppLovin by 22.9% during the first quarter. Personal CFO Solutions LLC now owns 2,461 shares of the company’s stock valued at $979,000 after acquiring an additional 459 shares during the last quarter. PCB Capital LLC boosted its stake in AppLovin by 1.3% in the first quarter. PCB Capital LLC now owns 2,261 shares of the company’s stock valued at $900,000 after acquiring an additional 30 shares in the last quarter. Swedbank AB grew its holdings in AppLovin by 0.5% in the first quarter. Swedbank AB now owns 192,596 shares of the company’s stock worth $76,653,000 after purchasing an additional 1,049 shares during the last quarter. Ascentis Independent Advisors increased its position in shares of AppLovin by 143.0% during the first quarter. Ascentis Independent Advisors now owns 1,390 shares of the company’s stock worth $553,000 after purchasing an additional 818 shares in the last quarter. Finally, Seascape Capital Management increased its position in shares of AppLovin by 0.4% during the first quarter. Seascape Capital Management now owns 13,067 shares of the company’s stock worth $5,201,000 after purchasing an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

APP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Wedbush reissued an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Finally, UBS Group dropped their price target on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $668.45.

AppLovin Trading Down 0.3%

AppLovin stock opened at $520.43 on Friday. 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 Corporation has a 52 week low of $332.32 and a 52 week high of $745.61. The company has a market capitalization of $174.83 billion, a price-to-earnings ratio of 44.71, a price-to-earnings-growth ratio of 0.85 and a beta of 2.49. The stock has a 50-day moving average price of $507.88 and a 200 day moving average price of $499.10.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company earned $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. Sell-side analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 22,544 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer owned 2,327,684 shares in the company, valued at $1,152,157,026.32. This represents a 0.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the transaction, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 393,000 shares of company stock worth $197,297,363. Company insiders own 13.66% of the company’s stock.

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.