581 Shares in AppLovin Corporation $APP Purchased by Keudell Morrison Wealth Management

Keudell Morrison Wealth Management purchased a new stake in AppLovin Corporation (NASDAQ:APP) in the second quarter, Holdings Channel.com reports. The firm purchased 581 shares of the company’s stock, valued at approximately $203,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hilltop National Bank purchased a new position in shares of AppLovin during the 2nd quarter valued at approximately $26,000. Atala Financial Inc acquired a new stake in AppLovin in the first quarter valued at $26,000. Hoey Investments Inc. acquired a new stake in AppLovin in the second quarter valued at $35,000. Trust Co. of Vermont bought a new position in AppLovin during the 2nd quarter valued at $35,000. Finally, ORG Wealth Partners LLC acquired a new position in AppLovin during the 1st quarter worth $29,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of APP opened at $682.76 on Monday. The company has a market cap of $230.94 billion, a P/E ratio of 96.98, a PEG ratio of 3.74 and a beta of 2.53. The stock has a fifty day moving average price of $514.58 and a 200 day moving average price of $392.05. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a 12 month low of $135.50 and a 12 month high of $745.61.

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

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the transaction, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dawson Alyssa Harvey sold 350 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director owned 3,150 shares in the company, valued at $1,537,105.50. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on APP. Morgan Stanley upped their target price on shares of AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Scotiabank reiterated an “outperform” rating on shares of AppLovin in a research report on Thursday, August 28th. Zacks Research raised AppLovin to a “strong-buy” rating in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average price target of $578.86.

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.