Private Trust Co. NA Increases Stock Position in AppLovin Corporation $APP

Private Trust Co. NA boosted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 57.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,575 shares of the company’s stock after buying an additional 575 shares during the quarter. Private Trust Co. NA’s holdings in AppLovin were worth $551,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Kingswood Wealth Advisors LLC boosted its stake in AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company’s stock worth $445,000 after buying an additional 80 shares during the period. Legal Advantage Investments Inc. purchased a new position in AppLovin during the second quarter worth about $1,523,000. Park Avenue Securities LLC lifted its position in shares of AppLovin by 30.6% during the second quarter. Park Avenue Securities LLC now owns 20,890 shares of the company’s stock worth $7,313,000 after purchasing an additional 4,890 shares in the last quarter. IFM Investors Pty Ltd lifted its position in shares of AppLovin by 15.6% during the second quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company’s stock worth $15,827,000 after purchasing an additional 6,104 shares in the last quarter. Finally, Aberdeen Group plc lifted its position in shares of AppLovin by 6.5% during the second quarter. Aberdeen Group plc now owns 114,180 shares of the company’s stock worth $39,972,000 after purchasing an additional 7,001 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 1.1%

Shares of NASDAQ:APP opened at $599.31 on Monday. The firm’s 50 day moving average price is $556.25 and its 200 day moving average price is $413.34. The stock has a market cap of $202.72 billion, a price-to-earnings ratio of 85.13, a price-to-earnings-growth ratio of 3.25 and a beta of 2.53. AppLovin Corporation has a fifty-two week low of $141.35 and a fifty-two week high of $745.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

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

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider owned 269,955 shares of the company’s stock, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the sale, the director directly owned 3,150 shares in the company, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last ninety days. Company insiders own 13.66% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of AppLovin from $491.00 to $633.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Tuesday, August 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of AppLovin in a research report on Wednesday, October 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $630.00 price target on shares of AppLovin in a research report on Tuesday, October 14th. Finally, Scotiabank reissued an “outperform” rating on shares of AppLovin in a research report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $600.59.

About AppLovin

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.