LMG Wealth Partners LLC Increases Stake in AppLovin Corporation $APP

LMG Wealth Partners LLC lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 0.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 7,941 shares of the company’s stock after acquiring an additional 39 shares during the period. LMG Wealth Partners LLC’s holdings in AppLovin were worth $2,780,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of APP. Vanguard Group Inc. raised its holdings in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after buying an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after buying an additional 1,769,400 shares during the period. Baillie Gifford & Co. raised its holdings in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after buying an additional 1,185,859 shares during the period. Invesco Ltd. raised its holdings in AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock valued at $1,062,876,000 after buying an additional 992,316 shares during the period. Finally, Kensico Capital Management Corp raised its holdings in AppLovin by 12.9% in the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after buying an additional 328,000 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wedbush raised their price target on shares of AppLovin from $725.00 to $745.00 and gave the company an “outperform” rating in a report on Monday, October 6th. Weiss Ratings restated a “buy (b-)” rating on shares of AppLovin in a report on Wednesday, October 8th. Wells Fargo & Company raised their price target on shares of AppLovin from $491.00 to $633.00 and gave the company an “overweight” rating in a report on Tuesday, October 14th. Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Finally, Benchmark raised their price target on shares of AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $600.59.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction dated 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 directly owned 269,955 shares in the company, valued at $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the sale, the director owned 3,150 shares in the company, valued at approximately $1,537,105.50. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by corporate insiders.

AppLovin Stock Down 1.1%

APP stock opened at $599.31 on Monday. AppLovin Corporation has a twelve month low of $141.35 and a twelve month high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $202.72 billion, a P/E ratio of 85.13, a PEG ratio of 3.25 and a beta of 2.53. The firm has a 50 day simple moving average of $556.25 and a 200-day simple moving average of $413.34.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.89 earnings per share. On average, equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

AppLovin Profile

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.