Fifth Third Wealth Advisors LLC Has $1.66 Million Position in AppLovin Corporation $APP

Fifth Third Wealth Advisors LLC increased its position in shares of AppLovin Corporation (NASDAQ:APP) by 289.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,316 shares of the company’s stock after acquiring an additional 1,722 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in AppLovin were worth $1,664,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in APP. Optas LLC lifted its stake in AppLovin by 2.5% during the third quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after purchasing an additional 21 shares during the last quarter. Bartlett & CO. Wealth Management LLC raised its holdings in shares of AppLovin by 19.6% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock worth $96,000 after buying an additional 22 shares in the last quarter. Avestar Capital LLC lifted its position in shares of AppLovin by 2.1% during the 2nd quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock worth $391,000 after buying an additional 23 shares during the last quarter. Proffitt & Goodson Inc. boosted its stake in AppLovin by 65.7% in the third quarter. Proffitt & Goodson Inc. now owns 58 shares of the company’s stock valued at $42,000 after buying an additional 23 shares in the last quarter. Finally, Calamos Wealth Management LLC grew its position in AppLovin by 0.3% in the third quarter. Calamos Wealth Management LLC now owns 8,811 shares of the company’s stock valued at $6,331,000 after acquiring an additional 27 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 30,888 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the transaction, the chief executive officer owned 2,553,161 shares in the company, valued at approximately $1,328,384,136.69. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eduardo Vivas sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the completion of the transaction, the director owned 7,133,292 shares in the company, valued at $4,643,131,095.72. This trade represents a 2.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 340,336 shares of company stock worth $200,062,623 over the last ninety days. 13.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research reports. Piper Sandler increased their target price on shares of AppLovin from $740.00 to $800.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Scotiabank upped their price objective on shares of AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Bank of America increased their price objective on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. increased their price target on AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Finally, BTIG Research restated a “buy” rating and set a $771.00 price objective on shares of AppLovin in a research report on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $695.90.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $618.32 on Monday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. AppLovin Corporation has a 52 week low of $200.50 and a 52 week high of $745.61. The firm has a market cap of $208.96 billion, a PE ratio of 75.04, a price-to-earnings-growth ratio of 2.04 and a beta of 2.50. The firm’s fifty day moving average is $639.23 and its 200-day moving average is $535.11.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data 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. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.AppLovin’s quarterly revenue was up 68.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.29 earnings per share. Sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

AppLovin 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.