Beacon Pointe Advisors LLC Increases Stock Holdings in AppLovin Corporation $APP

Beacon Pointe Advisors LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP) by 148.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,000 shares of the company’s stock after acquiring an additional 4,186 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in AppLovin were worth $2,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently made changes to their positions in APP. Hilltop National Bank bought a new position in shares of AppLovin during the 2nd quarter worth approximately $26,000. LFA Lugano Financial Advisors SA bought a new position in AppLovin during the second quarter valued at about $26,000. SouthState Corp purchased a new stake in AppLovin during the first quarter worth about $29,000. Hoey Investments Inc. purchased a new position in AppLovin in the second quarter valued at about $35,000. Finally, Trust Co. of Vermont purchased a new stake in shares of AppLovin during the 2nd quarter worth approximately $35,000. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Up 3.3%

Shares of NASDAQ APP opened at $683.78 on Friday. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. The business has a 50-day moving average of $608.45 and a 200-day moving average of $486.70. The firm has a market capitalization of $231.09 billion, a price-to-earnings ratio of 82.98, a PEG ratio of 3.55 and a beta of 2.51. AppLovin Corporation has a 12 month low of $200.50 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the firm posted $1.29 earnings per share. AppLovin’s quarterly revenue was up 68.2% on a year-over-year basis. Sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

APP has been the topic of a number of recent research reports. Wells Fargo & Company upped their price target on AppLovin from $633.00 to $721.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft set a $705.00 target price on shares of AppLovin and gave the company a “buy” rating in a report on Wednesday, October 22nd. Citigroup cut their price target on AppLovin from $850.00 to $820.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Finally, Royal Bank Of Canada boosted their price objective on AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Twenty equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $668.90.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 4,069 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the sale, the chief executive officer owned 2,998,948 shares in the company, valued at $1,491,976,630. This trade represents a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 27,143 shares of AppLovin stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the sale, the chief technology officer directly owned 3,323,681 shares of the company’s stock, valued at approximately $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 332,577 shares of company stock valued at $194,958,522. Insiders own 13.66% of the company’s stock.

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.