Prime Capital Investment Advisors LLC Purchases 216 Shares of AppLovin Corporation $APP

Prime Capital Investment Advisors LLC raised its holdings in AppLovin Corporation (NASDAQ:APP) by 17.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,448 shares of the company’s stock after buying an additional 216 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in AppLovin were worth $507,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of APP. Vestcor Inc increased its stake in AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock valued at $1,088,000 after acquiring an additional 33 shares during the period. Fortitude Family Office LLC increased its stake in AppLovin by 32.7% in the second quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock valued at $48,000 after acquiring an additional 34 shares during the period. GSG Advisors LLC grew its stake in shares of AppLovin by 0.3% in the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock valued at $2,820,000 after purchasing an additional 35 shares during the period. Argentarii LLC grew its stake in shares of AppLovin by 1.5% in the 1st quarter. Argentarii LLC now owns 2,638 shares of the company’s stock valued at $699,000 after purchasing an additional 40 shares during the period. Finally, Atlas Capital Advisors Inc. grew its stake in shares of AppLovin by 11.3% in the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company’s stock valued at $104,000 after purchasing an additional 40 shares during the period. Institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on APP shares. Jefferies Financial Group upped their price objective on AppLovin from $560.00 to $615.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Citigroup upped their price target on AppLovin from $600.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Piper Sandler upped their target price on shares of AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Morgan Stanley upped their target price on shares of AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $597.38.

AppLovin Stock Down 5.1%

Shares of NASDAQ:APP opened at $569.89 on Friday. AppLovin Corporation has a 12 month low of $139.40 and a 12 month high of $745.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The company’s 50-day moving average price is $537.64 and its two-hundred day moving average price is $400.57. The firm has a market cap of $192.77 billion, a P/E ratio of 80.95, a P/E/G ratio of 3.26 and a beta of 2.53.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 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 for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the firm earned $0.89 earnings per share. AppLovin’s revenue was up 77.1% compared to the same quarter last year. As a group, research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total value of $58,250,000.00. Following the transaction, the director directly owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. This trade represents a 1.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the transaction, the chief executive officer owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. Corporate insiders own 13.66% of the company’s stock.

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.