Oppenheimer Asset Management Inc. Raises Stake in AppLovin Co. (NASDAQ:APP)

Oppenheimer Asset Management Inc. grew its holdings in shares of AppLovin Co. (NASDAQ:APP) by 104.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,966 shares of the company’s stock after acquiring an additional 12,248 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in AppLovin were worth $1,994,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. FinTrust Capital Advisors LLC purchased a new position in AppLovin in the 4th quarter worth $32,000. Quest Partners LLC bought a new position in shares of AppLovin during the second quarter valued at about $33,000. Covestor Ltd grew its stake in shares of AppLovin by 85.8% during the first quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after buying an additional 236 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in AppLovin during the 2nd quarter worth approximately $37,000. Finally, Atlas Capital Advisors LLC bought a new stake in AppLovin in the first quarter valued at approximately $38,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Performance

Shares of APP stock opened at $123.64 on Wednesday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The company’s fifty day moving average price is $85.48 and its 200-day moving average price is $79.21. The stock has a market cap of $40.68 billion, a PE ratio of 73.60, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88. AppLovin Co. has a 12 month low of $34.45 and a 12 month high of $124.76.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the company earned $0.22 earnings per share. The business’s revenue was up 44.0% compared to the same quarter last year. On average, equities analysts expect that AppLovin Co. will post 3.46 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 60,615 shares of AppLovin stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now owns 254,458 shares of the company’s stock, valued at approximately $20,262,490.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other AppLovin news, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the sale, the chief financial officer now directly owns 254,458 shares in the company, valued at approximately $20,262,490.54. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 775,934 shares of company stock worth $65,805,022. 14.69% of the stock is owned by insiders.

Wall Street Analyst Weigh In

APP has been the topic of several analyst reports. Jefferies Financial Group lifted their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. BTIG Research increased their target price on shares of AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Wedbush cut their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $100.00 to $145.00 in a report on Tuesday. Finally, Bank of America boosted their target price on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.71.

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.