AppLovin Corporation (NASDAQ:APP) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its position in shares of AppLovin Corporation (NASDAQ:APP) by 62.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 172,378 shares of the company’s stock after purchasing an additional 66,453 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.05% of AppLovin worth $45,675,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in APP. FMR LLC grew its position in shares of AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the period. SVB Wealth LLC acquired a new stake in AppLovin in the fourth quarter valued at approximately $1,781,922,000. Geode Capital Management LLC grew its holdings in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock valued at $1,462,144,000 after purchasing an additional 573,310 shares during the period. Invesco Ltd. grew its stake in AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock valued at $977,639,000 after acquiring an additional 1,222,074 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in AppLovin by 457.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock valued at $936,888,000 after acquiring an additional 2,373,885 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $324.70 on Friday. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a market capitalization of $109.88 billion, a price-to-earnings ratio of 58.61, a PEG ratio of 2.00 and a beta of 2.53. The company’s 50-day moving average is $333.20 and its two-hundred day moving average is $334.44. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the firm posted $0.67 earnings per share. The firm’s quarterly revenue was up 40.3% on a year-over-year basis. Analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In other news, CFO Matthew Stumpf sold 9,714 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $423.00, for a total value of $4,109,022.00. Following the transaction, the chief financial officer now directly owns 192,421 shares in the company, valued at approximately $81,394,083. This represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 6,585 shares of the company’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $370.23, for a total value of $2,437,964.55. Following the transaction, the insider now owns 357,903 shares in the company, valued at $132,506,427.69. This trade represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on APP. Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Thursday, May 29th. Loop Capital reiterated a “buy” rating and issued a $650.00 target price on shares of AppLovin in a research report on Friday, March 28th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $355.00 to $400.00 and gave the stock a “neutral” rating in a report on Tuesday, June 3rd. The Goldman Sachs Group lifted their price target on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $438.10.

AppLovin Company 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.