Conning Inc. Makes New $694,000 Investment in AppLovin Corporation $APP

Conning Inc. purchased a new position in AppLovin Corporation (NASDAQ:APP) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 1,030 shares of the company’s stock, valued at approximately $694,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Washington Trust Advisors Inc. increased its position in AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 24 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in AppLovin in the third quarter worth about $29,000. Board of the Pension Protection Fund purchased a new stake in AppLovin in the fourth quarter worth about $27,000. Activest Wealth Management increased its position in AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after buying an additional 38 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC increased its position in AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of a number of analyst reports. BTIG Research restated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Scotiabank upped their price target on AppLovin from $750.00 to $775.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Oppenheimer reduced their price target on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Benchmark reiterated a “buy” rating on shares of AppLovin in a research report on Friday, March 6th. Finally, Argus initiated coverage on AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $664.35.

AppLovin Stock Performance

NASDAQ:APP opened at $501.00 on Friday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61. The stock has a 50-day moving average price of $447.26 and a 200 day moving average price of $529.13. The stock has a market capitalization of $168.31 billion, a P/E ratio of 43.04, a P/E/G ratio of 0.79 and a beta of 2.37.

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

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 62,804 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total value of $30,549,749.72. Following the transaction, the chief technology officer owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. This represents a 1.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 365,244 shares of company stock worth $169,584,607 in the last quarter. 13.66% of the stock is owned by corporate insiders.

AppLovin Company 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.