Resona Asset Management Co. Ltd. Has $34.06 Million Stock Position in AppLovin Corporation $APP

Resona Asset Management Co. Ltd. reduced its stake in AppLovin Corporation (NASDAQ:APP) by 6.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 66,572 shares of the company’s stock after selling 4,624 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in AppLovin were worth $34,063,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cassaday & Co Wealth Management LLC bought a new stake in AppLovin in the first quarter valued at $25,000. Washington Trust Advisors Inc. lifted its holdings in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares during the period. Mcguire Capital Advisors Inc. bought a new position in shares of AppLovin during the fourth quarter valued at $27,000. Pioneer Family Office LLC acquired a new stake in shares of AppLovin in the 2nd quarter valued at $31,000. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin in the 4th quarter worth about $32,000. Institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on APP. The Goldman Sachs Group dropped their target price on shares of AppLovin from $585.00 to $465.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. Scotiabank reaffirmed a “sector outperform” rating and set a $515.00 price objective on shares of AppLovin in a research note on Thursday, August 6th. Piper Sandler lowered shares of AppLovin from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $665.00 to $385.00 in a report on Thursday, August 6th. BTIG Research reduced their target price on AppLovin from $574.00 to $408.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $565.91.

Insider Activity

In other news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the sale, the chief executive officer owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is owned by company insiders.

AppLovin Trading Up 0.9%

Shares of NASDAQ APP opened at $315.44 on Friday. AppLovin Corporation has a 1-year low of $303.17 and a 1-year high of $745.61. The company has a market cap of $105.56 billion, a PE ratio of 24.25, a P/E/G ratio of 0.63 and a beta of 2.54. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. The company has a 50-day moving average of $447.84 and a two-hundred day moving average of $456.06.

AppLovin (NASDAQ:APP) last announced its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. AppLovin’s quarterly revenue was up 52.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.39 earnings per share. As a group, equities analysts expect that AppLovin Corporation will post 15.57 earnings per share for the current fiscal year.

Key Headlines Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Some analysts remain constructive on AppLovin’s valuation and financial profile. Phillip Securities upgraded the stock, while a recent analysis argued that the shares may be mispriced relative to the company’s fundamentals after reaching a 52-week low. AppLovin Upgraded at Phillip Securities AppLovin at 52-Week Low
• Neutral Sentiment: JPMorgan initiated coverage with a Neutral rating, recognizing AppLovin’s strong profitability and balance-sheet profile while questioning whether its rapid mobile-gaming advertising growth can continue. Bank of America also rates the shares Neutral. JPMorgan Initiates AppLovin Coverage Bank of America Neutral Rating
• Negative Sentiment: AppLovin’s latest quarterly results fell slightly short of revenue expectations, and adjusted EBITDA also missed estimates. Management attributed the weakness to slower-than-usual improvements in its core gaming advertising models, intensifying concerns about earnings-growth durability. AppLovin Q2 Earnings Call
• Negative Sentiment: Competitive risks from Unity and Meta, as well as questions about whether Google could challenge AppLovin’s advertising position, are weighing on the investment narrative. BTIG issued a pessimistic forecast, and another analyst downgrade previously contributed to selling pressure. BTIG Forecast for AppLovin AppLovin and Google Competition
• Negative Sentiment: Quant fund Renaissance Technologies exited its AppLovin position, a potential additional overhang for sentiment even though the move reflects portfolio management rather than a fundamental company announcement. Renaissance Changes Holdings

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.