Choreo LLC Invests $491,000 in AppLovin Co. (NASDAQ:APP)

Choreo LLC acquired a new position in AppLovin Co. (NASDAQ:APP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,802 shares of the company’s stock, valued at approximately $491,000.

Other large investors also recently added to or reduced their stakes in the company. WCM Investment Management LLC bought a new position in shares of AppLovin in the first quarter worth about $497,488,000. Whale Rock Capital Management LLC purchased a new position in AppLovin during the first quarter valued at approximately $195,129,000. Jericho Capital Asset Management L.P. boosted its position in shares of AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares during the period. Norges Bank purchased a new stake in shares of AppLovin in the fourth quarter worth $43,973,000. Finally, Jackson Square Partners LLC bought a new stake in shares of AppLovin during the 1st quarter valued at $54,736,000. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

APP has been the subject of several recent analyst reports. Jefferies Financial Group upped their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Oppenheimer reiterated an “outperform” rating and set a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Bank of America boosted their price target on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Wedbush cut their price objective on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Benchmark boosted their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $91.78.

AppLovin Stock Up 6.6 %

Shares of NASDAQ APP opened at $112.58 on Monday. The stock has a market capitalization of $37.04 billion, a price-to-earnings ratio of 67.01, a P/E/G 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 $112.88. 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 firm’s 50-day moving average price is $84.08 and its 200-day moving average price is $78.38.

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

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now owns 10,247 shares in the company, valued at $900,711.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 10,247 shares in the company, valued at $900,711.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $86.04, for a total value of $473,220.00. Following the completion of the transaction, the chief technology officer now directly owns 4,536,447 shares in the company, valued at approximately $390,315,899.88. The disclosure for this sale can be found here. Insiders sold a total of 775,934 shares of company stock worth $65,805,022 over the last three months. 14.69% of the stock is owned by insiders.

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.