Saudi Central Bank Buys 7,555 Shares of AppLovin Corporation $APP

Saudi Central Bank boosted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 88.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 16,070 shares of the company’s stock after buying an additional 7,555 shares during the quarter. Saudi Central Bank’s holdings in AppLovin were worth $8,280,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Cassaday & Co Wealth Management LLC acquired a new position in shares of AppLovin during the 1st quarter worth approximately $25,000. Washington Trust Advisors Inc. boosted its holdings in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in shares of AppLovin in the 4th quarter valued at approximately $27,000. Pioneer Family Office LLC bought a new position in shares of AppLovin in the second quarter valued at $31,000. Finally, First Pacific Financial bought a new position in shares of AppLovin in the first quarter valued at $33,000. 41.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on APP shares. Needham & Company LLC dropped their price target on shares of AppLovin from $500.00 to $475.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. Wells Fargo & Company decreased their price objective on shares of AppLovin from $357.00 to $325.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. Citigroup lowered their price objective on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Phillip Securities raised shares of AppLovin from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Finally, Piper Sandler cut their target price on shares of AppLovin from $385.00 to $325.00 and set a “neutral” rating for the company in a research note on Friday, August 21st. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $538.61.

AppLovin Trading Up 2.2%

Shares of AppLovin stock opened at $320.56 on Friday. The business has a fifty day simple moving average of $394.59 and a two-hundred day simple moving average of $440.28. AppLovin Corporation has a 1 year low of $297.50 and a 1 year high of $745.61. The company has a market capitalization of $107.28 billion, a price-to-earnings ratio of 24.64, a P/E/G ratio of 0.68 and a beta of 2.49. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30.

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

Insider Buying and Selling

In other AppLovin news, CEO Arash Foroughi sold 22,544 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the transaction, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. This represents a 0.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the sale, the director owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 271,152 shares of company stock valued at $135,295,830. Company insiders own 12.81% of the company’s stock.

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.