Oak Grove Capital LLC Invests $280,000 in AppLovin Corporation $APP

Oak Grove Capital LLC bought a new stake in AppLovin Corporation (NASDAQ:APP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 800 shares of the company’s stock, valued at approximately $280,000.

A number of other institutional investors and hedge funds have also bought and sold shares of APP. Hilltop National Bank purchased a new stake in AppLovin in the second quarter valued at approximately $26,000. Bartlett & CO. Wealth Management LLC bought a new position in AppLovin during the first quarter valued at approximately $29,000. SouthState Corp bought a new position in AppLovin during the first quarter valued at approximately $29,000. Cornerstone Planning Group LLC grew its position in AppLovin by 428.0% during the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock valued at $33,000 after acquiring an additional 107 shares during the last quarter. Finally, Hoey Investments Inc. bought a new position in shares of AppLovin in the second quarter worth approximately $35,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares in the company, valued at approximately $1,537,105.50. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. Corporate insiders own 13.66% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Weiss Ratings cut shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Benchmark raised their target price on shares of AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Piper Sandler raised their target price on shares of AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Finally, UBS Group raised their target price on shares of AppLovin from $540.00 to $810.00 and gave the stock a “buy” rating in a report on Friday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $605.13.

AppLovin Stock Performance

Shares of AppLovin stock opened at $620.00 on Monday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $209.72 billion, a P/E ratio of 88.07, a P/E/G ratio of 3.37 and a beta of 2.53. The business has a fifty day simple moving average of $569.09 and a two-hundred day simple moving average of $425.20. AppLovin Corporation has a 12 month low of $158.33 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company’s revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.89 earnings per share. On average, equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal 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.