Amalgamated Bank Acquires 959 Shares of AppLovin Corporation (NASDAQ:APP)

Amalgamated Bank raised its stake in AppLovin Corporation (NASDAQ:APP) by 5.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,578 shares of the company’s stock after acquiring an additional 959 shares during the quarter. Amalgamated Bank’s holdings in AppLovin were worth $4,923,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in APP. Prakash Investment Advisors LLC lifted its stake in shares of AppLovin by 359.7% in the 1st quarter. Prakash Investment Advisors LLC now owns 3,195 shares of the company’s stock valued at $847,000 after acquiring an additional 2,500 shares during the last quarter. Almanack Investment Partners LLC. acquired a new position in AppLovin in the 1st quarter worth about $437,000. Sovran Advisors LLC raised its position in AppLovin by 100.1% in the first quarter. Sovran Advisors LLC now owns 1,527 shares of the company’s stock valued at $405,000 after purchasing an additional 764 shares during the last quarter. Colonial River Investments LLC boosted its stake in shares of AppLovin by 38.4% during the first quarter. Colonial River Investments LLC now owns 6,407 shares of the company’s stock valued at $1,698,000 after purchasing an additional 1,778 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of AppLovin by 2.4% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 557,269 shares of the company’s stock worth $147,660,000 after purchasing an additional 12,968 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the sale, the director owned 221,209 shares of the company’s stock, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the sale, the chief executive officer owned 2,760,363 shares of the company’s stock, valued at $1,014,461,006.13. This trade represents a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 in the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on APP. JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $355.00 to $400.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 3rd. Oppenheimer reiterated an “outperform” rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Thursday, May 29th. The Goldman Sachs Group raised their target price on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Finally, FBN Securities assumed coverage on AppLovin in a report on Friday, March 28th. They set an “outperform” rating and a $385.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $438.85.

AppLovin Stock Performance

Shares of APP stock opened at $336.00 on Thursday. The firm has a 50 day moving average of $349.64 and a 200-day moving average of $333.90. The company has a market cap of $113.70 billion, a price-to-earnings ratio of 60.65, a price-to-earnings-growth ratio of 2.01 and a beta of 2.42. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the company posted $0.67 earnings per share. The business’s quarterly revenue was up 40.3% on a year-over-year basis. On average, equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

AppLovin Company Profile

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.