Northwestern Mutual Wealth Management Co. Purchases 14,920 Shares of AppLovin Corporation $APP

Northwestern Mutual Wealth Management Co. boosted its position in AppLovin Corporation (NASDAQ:APP) by 12.6% in the 2nd quarter, Holdings Channel reports. The firm owned 133,659 shares of the company’s stock after buying an additional 14,920 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in AppLovin were worth $68,865,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Revolve Wealth Partners LLC purchased a new position in AppLovin during the 4th quarter valued at $294,000. Bison Wealth LLC bought a new position in AppLovin in the 4th quarter worth about $239,000. Integrated Wealth Concepts LLC increased its position in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after acquiring an additional 621 shares during the period. NewEdge Advisors LLC raised its stake in shares of AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after acquiring an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of AppLovin by 7.2% in the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after purchasing an additional 9,380 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Trading Down 0.1%

Shares of NASDAQ:APP opened at $311.74 on Wednesday. AppLovin Corporation has a 52-week low of $297.50 and a 52-week high of $745.61. The stock has a market cap of $104.32 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 0.66 and a beta of 2.49. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $403.28 and a 200-day moving average price of $442.00.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, meeting the consensus estimate of $3.76. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm’s revenue was up 52.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.39 earnings per share. Equities analysts predict that AppLovin Corporation will post 15.53 EPS for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of research reports. Wells Fargo & Company cut their target price on shares of AppLovin from $357.00 to $325.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 19th. UBS Group lowered their target price on AppLovin from $798.00 to $790.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Needham & Company LLC cut their price target on AppLovin from $500.00 to $475.00 and set a “buy” rating on the stock in a report on Wednesday, August 26th. Royal Bank Of Canada decreased their price objective on AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Finally, Morgan Stanley cut their target price on AppLovin from $720.00 to $650.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $538.61.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was 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, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares of the company’s stock, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 294,228 shares of company stock worth $148,403,985. Company insiders own 12.81% of the company’s stock.

About AppLovin

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.