AppLovin Corporation $APP Shares Acquired by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. lifted its holdings in AppLovin Corporation (NASDAQ:APP) by 2,117.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 6,587 shares of the company’s stock after purchasing an additional 6,290 shares during the period. Sovereign Financial Group Inc.’s holdings in AppLovin were worth $2,622,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of APP. SVB Wealth LLC grew its stake in AppLovin by 775.8% during the 1st quarter. SVB Wealth LLC now owns 4,204 shares of the company’s stock valued at $1,673,000 after acquiring an additional 3,724 shares in the last quarter. LMG Wealth Partners LLC lifted its stake in AppLovin by 2.8% in the 1st quarter. LMG Wealth Partners LLC now owns 7,155 shares of the company’s stock worth $2,848,000 after purchasing an additional 193 shares in the last quarter. Birch Financial Group LLC lifted its stake in AppLovin by 16.1% in the 1st quarter. Birch Financial Group LLC now owns 2,631 shares of the company’s stock worth $1,047,000 after purchasing an additional 365 shares in the last quarter. PKO Investment Management Joint Stock Co boosted its holdings in shares of AppLovin by 23.5% during the 1st quarter. PKO Investment Management Joint Stock Co now owns 10,500 shares of the company’s stock worth $4,179,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Brookstone Capital Management boosted its holdings in shares of AppLovin by 496.8% during the 1st quarter. Brookstone Capital Management now owns 15,177 shares of the company’s stock worth $6,040,000 after purchasing an additional 12,634 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Down 0.1%

Shares of NASDAQ APP opened at $469.39 on Tuesday. The company has a 50 day simple moving average of $494.04 and a 200-day simple moving average of $515.77. The company has a market capitalization of $157.69 billion, a P/E ratio of 40.33, a P/E/G ratio of 0.76 and a beta of 2.45. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 earnings per share. On average, equities research analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on APP shares. Oppenheimer cut their price target on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Monday. UBS Group lowered their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Morgan Stanley restated an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Finally, Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $669.62.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 389,924 shares of company stock worth $195,693,875. Corporate insiders own 13.66% of the company’s stock.

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.