Steward Partners Investment Advisory LLC Acquires 65,599 Shares of AppLovin Corporation $APP

Steward Partners Investment Advisory LLC raised its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 3,816.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,318 shares of the company’s stock after acquiring an additional 65,599 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in AppLovin were worth $17,837,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in APP. Roberts Capital Advisors LLC bought a new position in shares of AppLovin in the first quarter valued at $573,000. Gen Wealth Partners Inc bought a new position in shares of AppLovin in the first quarter valued at $147,000. American Century Companies Inc. grew its stake in shares of AppLovin by 13.9% in the first quarter. American Century Companies Inc. now owns 1,134,842 shares of the company’s stock valued at $300,699,000 after buying an additional 138,063 shares in the last quarter. Aberdeen Group plc grew its stake in shares of AppLovin by 169.8% in the first quarter. Aberdeen Group plc now owns 107,179 shares of the company’s stock valued at $28,399,000 after buying an additional 67,454 shares in the last quarter. Finally, Marathon Trading Investment Management LLC bought a new position in shares of AppLovin in the first quarter valued at $318,000. 41.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 34,766 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the sale, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $464.69, for a total value of $92,938,000.00. Following the sale, the director owned 381,929 shares in the company, valued at approximately $177,478,587.01. This trade represents a 34.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 918,813 shares of company stock worth $390,144,773. Insiders own 13.66% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on APP. BTIG Research raised their target price on shares of AppLovin from $480.00 to $483.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday, June 26th. Wall Street Zen downgraded AppLovin from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Oppenheimer reaffirmed 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. Finally, Piper Sandler raised their price target on AppLovin from $470.00 to $500.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $472.33.

AppLovin Stock Up 1.2%

APP stock opened at $438.68 on Monday. The company has a market cap of $148.38 billion, a PE ratio of 62.31, a price-to-earnings-growth ratio of 2.45 and a beta of 2.43. The business has a 50-day simple moving average of $370.82 and a 200 day simple moving average of $342.91. AppLovin Corporation has a 52 week low of $82.51 and a 52 week high of $525.15. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

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