AppLovin Corporation $APP Stake Lifted by Wallace Hart LLC

Wallace Hart LLC grew its stake in shares of AppLovin Corporation (NASDAQ:APP) by 220.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,025 shares of the company’s stock after acquiring an additional 2,082 shares during the period. AppLovin comprises 1.6% of Wallace Hart LLC’s investment portfolio, making the stock its 8th biggest position. Wallace Hart LLC’s holdings in AppLovin were worth $2,174,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of APP. Vanguard Group Inc. increased its position in AppLovin by 0.4% in the second quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company’s stock worth $6,267,410,000 after buying an additional 72,120 shares during the last quarter. State Street Corp grew its stake in shares of AppLovin by 2.4% during the 2nd quarter. State Street Corp now owns 5,615,415 shares of the company’s stock worth $1,965,844,000 after acquiring an additional 133,402 shares during the period. Jennison Associates LLC increased its holdings in AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after acquiring an additional 1,381,970 shares during the last quarter. Norges Bank bought a new stake in AppLovin in the 2nd quarter valued at about $951,541,000. Finally, Rakuten Investment Management Inc. purchased a new stake in AppLovin during the third quarter valued at about $1,456,108,000. Institutional investors own 41.85% of the company’s stock.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 30,888 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the sale, the chief executive officer owned 2,553,161 shares in the company, valued at $1,328,384,136.69. This trade represents a 1.20% 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, Director Eduardo Vivas sold 150,000 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $650.91, for a total value of $97,636,500.00. Following the completion of the transaction, the director owned 7,133,292 shares of the company’s stock, valued at $4,643,131,095.72. The trade was a 2.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 340,336 shares of company stock valued at $200,062,623 over the last 90 days. 13.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. UBS Group set a $800.00 price objective on shares of AppLovin in a report on Tuesday, January 13th. The Goldman Sachs Group raised their price target on AppLovin from $630.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Citigroup reduced their price target on AppLovin from $850.00 to $820.00 and set a “buy” rating for the company in a research report on Wednesday, November 12th. Benchmark reissued a “buy” rating on shares of AppLovin in a report on Monday. Finally, JPMorgan Chase & Co. lifted their target price on AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $706.45.

AppLovin Stock Up 2.1%

APP stock opened at $483.00 on Tuesday. The company’s 50 day moving average is $633.80 and its 200 day moving average is $569.61. The stock has a market cap of $163.23 billion, a price-to-earnings ratio of 58.62, a price-to-earnings-growth ratio of 1.56 and a beta of 2.49. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The business’s quarterly revenue was up 68.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.29 EPS. Sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

AppLovin Company 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.