North Dakota State Investment Board Makes New $5.49 Million Investment in AppLovin Corporation $APP

North Dakota State Investment Board acquired a new position in AppLovin Corporation (NASDAQ:APP) in the 4th quarter, Holdings Channel reports. The firm acquired 8,147 shares of the company’s stock, valued at approximately $5,490,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Board of the Pension Protection Fund bought a new position in shares of AppLovin during the fourth quarter valued at approximately $27,000. Washington Trust Advisors Inc. increased its stake 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 purchasing an additional 24 shares in the last quarter. Chilton Capital Management LLC bought a new position in shares of AppLovin during the third quarter valued at approximately $29,000. Activest Wealth Management increased its stake in shares of AppLovin by 760.0% during the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock valued at $31,000 after purchasing an additional 38 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in shares of AppLovin during the fourth quarter valued at approximately $32,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of APP opened at $501.00 on Monday. The company has a market capitalization of $168.31 billion, a P/E ratio of 43.04, a price-to-earnings-growth ratio of 0.81 and a beta of 2.37. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a 50 day moving average of $447.26 and a 200 day moving average of $528.32. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 earnings per share. As a group, equities research analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 40,704 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total transaction 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 $1,117,625,877.90. This trade represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 5,231 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the sale, the chief technology officer directly owned 30,658 shares of the company’s stock, valued at $14,638,275.26. This trade represents a 14.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 365,244 shares of company stock valued at $169,584,607 over the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on APP shares. Wells Fargo & Company raised their target price on shares of AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Evercore reaffirmed a “buy” rating on shares of AppLovin in a research note on Friday, January 30th. Jefferies Financial Group decreased their target price on shares of AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $664.35.

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.