Essex LLC Takes $224,000 Position in AppLovin Corporation $APP

Essex LLC acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 640 shares of the company’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kingswood Wealth Advisors LLC boosted its position in shares of AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company’s stock valued at $445,000 after buying an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in AppLovin by 62.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company’s stock valued at $45,675,000 after buying an additional 66,453 shares in the last quarter. Legal Advantage Investments Inc. purchased a new position in shares of AppLovin during the second quarter worth approximately $1,523,000. Park Avenue Securities LLC boosted 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 valued at $7,313,000 after purchasing an additional 4,890 shares during the period. Finally, Yousif Capital Management LLC grew its stake in 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 in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on APP. Citigroup upped their target price on AppLovin from $600.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. UBS Group raised their target price on shares of AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Piper Sandler upped their price target on shares of AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Finally, Wedbush lifted their price objective on shares of AppLovin from $725.00 to $745.00 and gave the company an “outperform” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average price target of $600.59.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 35,000 shares of the firm’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 transaction of $17,578,050.00. Following the sale, the insider owned 269,955 shares of the company’s stock, valued at $135,579,499.65. This trade represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. 13.66% of the stock is currently owned by company insiders.

AppLovin Trading Up 2.1%

NASDAQ:APP opened at $602.30 on Thursday. The company has a market capitalization of $203.73 billion, a P/E ratio of 85.55, a PEG ratio of 3.20 and a beta of 2.53. The company has a current ratio of 2.74, a quick 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 fifty day simple moving average of $550.02 and a 200-day simple moving average of $406.92.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 EPS. On average, equities research analysts anticipate 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.