West Michigan Advisors LLC Invests $249,000 in AppLovin Corporation $APP

West Michigan Advisors LLC bought a new position in AppLovin Corporation (NASDAQ:APP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 710 shares of the company’s stock, valued at approximately $249,000.

Other hedge funds also recently made changes to their positions in the company. Hilltop National Bank acquired a new stake in shares of AppLovin in the 2nd quarter worth $26,000. Alpine Bank Wealth Management acquired a new stake in shares of AppLovin in the 1st quarter worth $27,000. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of AppLovin in the 1st quarter worth $29,000. SouthState Corp acquired a new stake in shares of AppLovin in the 1st quarter worth $29,000. Finally, Cornerstone Planning Group LLC lifted its stake in shares of AppLovin by 428.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock worth $33,000 after acquiring an additional 107 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity at AppLovin

In related news, Director Dawson Alyssa Harvey sold 350 shares of the business’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 value of $170,789.50. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 in the last ninety days. 13.66% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on APP. Jefferies Financial Group raised their target price on shares of AppLovin from $560.00 to $615.00 and gave the stock a “buy” rating in a research note on Friday, September 5th. Oppenheimer set a $740.00 target price on shares of AppLovin in a research report on Tuesday, October 7th. Citigroup lifted their target price on shares of AppLovin from $600.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. The Goldman Sachs Group restated a “neutral” rating and set a $630.00 target price on shares of AppLovin in a research report on Tuesday, October 14th. Finally, BTIG Research lifted their target price on shares of AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $605.13.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $620.00 on Friday. The company has a market cap of $209.72 billion, a PE ratio of 88.07, a price-to-earnings-growth ratio of 3.20 and a beta of 2.53. AppLovin Corporation has a 12 month low of $158.33 and a 12 month high of $745.61. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The company has a 50-day simple moving average of $569.09 and a 200-day simple moving average of $422.86.

AppLovin (NASDAQ:APP) last released 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 net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm earned $0.89 earnings per share. AppLovin’s revenue was up 77.1% compared to the same quarter last year. On average, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.