Axxcess Wealth Management LLC lowered its position in AppLovin Corporation (NASDAQ:APP – Free Report) by 10.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,541 shares of the company’s stock after selling 1,102 shares during the quarter. Axxcess Wealth Management LLC’s holdings in AppLovin were worth $3,340,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC increased its holdings in shares of AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company’s stock worth $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company’s stock worth $45,675,000 after purchasing an additional 66,453 shares during the period. Legal Advantage Investments Inc. bought a new position in shares of AppLovin in the second quarter worth $1,523,000. Park Avenue Securities LLC increased its holdings in shares of AppLovin by 30.6% in the second quarter. Park Avenue Securities LLC now owns 20,890 shares of the company’s stock worth $7,313,000 after purchasing an additional 4,890 shares during the period. Finally, Yousif Capital Management LLC increased its holdings in shares of AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company’s stock worth $939,000 after purchasing an additional 119 shares during the period. Institutional investors own 41.85% of the company’s stock.
Wall Street Analyst Weigh In
APP has been the subject of several research reports. Jefferies Financial Group upped their target price on shares of AppLovin from $560.00 to $615.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Oppenheimer set a $740.00 target price on shares of AppLovin in a research report on Tuesday, October 7th. Wedbush upped their target price on shares of AppLovin from $725.00 to $745.00 and gave the stock an “outperform” rating in a research report on Monday, October 6th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Tuesday, August 26th. Finally, BTIG Research upped their target price on shares of AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $600.59.
AppLovin Stock Performance
NASDAQ APP opened at $590.03 on Wednesday. The company has a 50-day simple moving average of $545.78 and a two-hundred day simple moving average of $405.56. 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 Corporation has a 12-month low of $139.40 and a 12-month high of $745.61. The firm has a market cap of $199.58 billion, a price-to-earnings ratio of 83.81, a PEG ratio of 3.20 and a beta of 2.53.
AppLovin (NASDAQ:APP – Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted $0.89 earnings per share. The company’s revenue was up 77.1% on a year-over-year basis. On average, equities analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.
Insider Activity
In other news, CEO Arash Adam Foroughi sold 90,000 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at approximately $1,103,147,536.16. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction dated 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 transaction, the chief technology officer directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by corporate 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.
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