Sierra Summit Advisors LLC Boosts Stake in AppLovin Corporation $APP

Sierra Summit Advisors LLC increased its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 41.5% during the first quarter, HoldingsChannel reports. The firm owned 26,162 shares of the company’s stock after buying an additional 7,676 shares during the period. AppLovin comprises 1.5% of Sierra Summit Advisors LLC’s portfolio, making the stock its 26th biggest holding. Sierra Summit Advisors LLC’s holdings in AppLovin were worth $10,412,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its stake in AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Corient Private Wealth LLC grew its stake in shares of AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after acquiring an additional 4,063,763 shares during the period. Norges Bank bought a new stake in shares of AppLovin in the fourth quarter worth approximately $2,040,321,000. Capital Research Global Investors purchased a new position in shares of AppLovin during the third quarter valued at approximately $743,899,000. Finally, Northern Trust Corp raised its holdings in shares of AppLovin by 46.8% during the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Oppenheimer dropped their target price on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Benchmark reissued a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Finally, BTIG Research reiterated a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $668.27.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction dated 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 transaction, the insider directly owned 243,961 shares of the company’s stock, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 389,924 shares of company stock valued at $195,693,875. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Down 6.7%

Shares of APP stock opened at $527.06 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The company has a market cap of $177.06 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 0.91 and a beta of 2.49. AppLovin Corporation has a 1 year low of $325.58 and a 1 year high of $745.61. The firm has a fifty day moving average price of $500.97 and a 200-day moving average price of $504.62.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the firm earned $1.67 EPS. AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. As a group, equities analysts predict that AppLovin Corporation will post 15.96 earnings per share for the current year.

AppLovin Company Profile

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.