FirstWave Capital Management LLC Has $13.10 Million Stake in AppLovin Corporation $APP

FirstWave Capital Management LLC boosted its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 27.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,426 shares of the company’s stock after acquiring an additional 5,553 shares during the quarter. AppLovin accounts for about 5.8% of FirstWave Capital Management LLC’s portfolio, making the stock its 2nd largest position. FirstWave Capital Management LLC’s holdings in AppLovin were worth $13,100,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of APP. Plan A Wealth LLC acquired a new position in AppLovin during the 2nd quarter worth about $307,000. SMART Wealth LLC acquired a new stake in shares of AppLovin in the second quarter valued at about $565,000. Syon Capital LLC raised its position in shares of AppLovin by 101.7% during the second quarter. Syon Capital LLC now owns 1,051 shares of the company’s stock worth $542,000 after acquiring an additional 530 shares during the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of AppLovin by 8.6% in the second quarter. TD Waterhouse Canada Inc. now owns 38,903 shares of the company’s stock worth $21,978,000 after acquiring an additional 3,086 shares during the period. Finally, Premier Path Wealth Partners LLC lifted its stake in shares of AppLovin by 8.5% in the second quarter. Premier Path Wealth Partners LLC now owns 1,335 shares of the company’s stock worth $688,000 after acquiring an additional 105 shares during the period. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of AppLovin from $357.00 to $325.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. Needham & Company LLC dropped their price target on shares of AppLovin from $500.00 to $475.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. Piper Sandler reduced their price objective on shares of AppLovin from $385.00 to $325.00 and set a “neutral” rating on the stock in a research note on Friday, August 21st. Scotiabank reiterated a “sector outperform” rating and set a $515.00 price objective on shares of AppLovin in a research report on Thursday, August 6th. Finally, Citigroup lowered their target price on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $538.61.

AppLovin Stock Performance

Shares of APP stock opened at $320.56 on Friday. The company has a market cap of $107.28 billion, a price-to-earnings ratio of 24.64, a price-to-earnings-growth ratio of 0.66 and a beta of 2.49. AppLovin Corporation has a 52 week low of $297.50 and a 52 week high of $745.61. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm has a 50 day moving average of $394.59 and a 200-day moving average of $440.28.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting the consensus estimate of $3.76. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. AppLovin’s revenue for the quarter was up 52.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.39 EPS. On average, equities analysts forecast that AppLovin Corporation will post 15.53 earnings per share for the current year.

Insider Activity

In related news, Director Eduardo Vivas sold 163,910 shares of the business’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 completion of 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Arash Foroughi sold 22,544 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the transaction, the chief executive officer directly owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. This trade represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 271,152 shares of company stock worth $135,295,830 in the last three months. Company insiders own 12.81% 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.