AppLovin Corporation $APP Stake Lifted by Advisors Asset Management Inc.

Advisors Asset Management Inc. increased its stake in AppLovin Corporation (NASDAQ:APP) by 13.5% in the 1st quarter, HoldingsChannel reports. The fund owned 1,147 shares of the company’s stock after acquiring an additional 136 shares during the period. Advisors Asset Management Inc.’s holdings in AppLovin were worth $304,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in APP. Atala Financial Inc bought a new position in shares of AppLovin in the first quarter valued at approximately $26,000. Alpine Bank Wealth Management acquired a new position in AppLovin during the first quarter worth about $27,000. ORG Wealth Partners LLC acquired a new position in AppLovin during the first quarter worth about $29,000. Bartlett & CO. Wealth Management LLC acquired a new position in AppLovin during the first quarter worth about $29,000. Finally, SouthState Corp acquired a new position in AppLovin during the first quarter worth about $29,000. 41.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares in the company, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last quarter. Insiders own 13.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on APP shares. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Morgan Stanley lifted their target price on AppLovin from $460.00 to $480.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. BTIG Research lifted their target price on AppLovin from $480.00 to $483.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. Wells Fargo & Company lifted their target price on AppLovin from $480.00 to $491.00 and gave the stock an “overweight” rating in a report on Thursday, August 21st. Finally, JPMorgan Chase & Co. lifted their target price on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $482.86.

AppLovin Stock Up 0.7%

Shares of NASDAQ:APP opened at $571.31 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The company has a market cap of $193.25 billion, a PE ratio of 81.15, a price-to-earnings-growth ratio of 3.17 and a beta of 2.44. AppLovin Corporation has a 52 week low of $97.35 and a 52 week high of $576.44. The firm has a 50 day simple moving average of $419.67 and a 200 day simple moving average of $352.06.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm’s quarterly revenue was up 77.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.89 EPS. As a group, research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.