Meridian Wealth Management LLC Purchases 1,903 Shares of AppLovin Corporation $APP

Meridian Wealth Management LLC increased its stake in shares of AppLovin Corporation (NASDAQ:APP) by 81.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,240 shares of the company’s stock after buying an additional 1,903 shares during the period. Meridian Wealth Management LLC’s holdings in AppLovin were worth $3,046,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of APP. Vanguard Group Inc. lifted its stake in shares of AppLovin by 0.4% during the second quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company’s stock valued at $6,267,410,000 after acquiring an additional 72,120 shares during the period. State Street Corp lifted its position in AppLovin by 2.4% during the 2nd quarter. State Street Corp now owns 5,615,415 shares of the company’s stock valued at $1,965,844,000 after purchasing an additional 133,402 shares during the period. Jennison Associates LLC boosted its stake in shares of AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after purchasing an additional 1,381,970 shares during the last quarter. Norges Bank acquired a new stake in shares of AppLovin during the 2nd quarter worth approximately $951,541,000. Finally, Rakuten Investment Management Inc. bought a new stake in shares of AppLovin during the third quarter worth approximately $1,456,108,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Down 16.9%

Shares of APP stock opened at $473.11 on Monday. The firm’s fifty day moving average price is $635.34 and its two-hundred day moving average price is $568.77. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The firm has a market capitalization of $159.89 billion, a P/E ratio of 57.42, a PEG ratio of 1.56 and a beta of 2.49.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm earned $1.29 EPS. The business’s quarterly revenue was up 68.2% on a year-over-year basis. On average, equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Benchmark raised their price target on AppLovin from $700.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. UBS Group set a $800.00 target price on AppLovin in a report on Tuesday, January 13th. Jefferies Financial Group upped their price target on AppLovin from $800.00 to $860.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Deutsche Bank Aktiengesellschaft set a $705.00 price target on shares of AppLovin and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Finally, Needham & Company LLC raised shares of AppLovin from a “hold” rating to a “buy” rating and set a $700.00 target price for the company in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $706.45.

Insiders Place Their Bets

In other news, CEO Arash Adam Foroughi sold 30,888 shares of AppLovin stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the transaction, the chief executive officer directly owned 2,553,161 shares in the company, valued at approximately $1,328,384,136.69. The trade was a 1.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the sale, the chief technology officer owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 340,336 shares of company stock valued at $200,062,623 over the last 90 days. 13.66% of the stock is currently owned by insiders.

About AppLovin

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.