PVG Asset Management Corp boosted its stake in AppLovin Corporation (NASDAQ:APP – Free Report) by 275.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,036 shares of the company’s stock after buying an additional 2,227 shares during the quarter. PVG Asset Management Corp’s holdings in AppLovin were worth $1,208,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Verdence Capital Advisors LLC raised its holdings in shares of AppLovin by 5.7% during the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after acquiring an additional 18 shares during the last quarter. Finivi Inc. boosted its stake in shares of AppLovin by 3.2% in the fourth quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after acquiring an additional 22 shares during the last quarter. Alta Wealth Advisors LLC boosted its stake in shares of AppLovin by 0.6% in the fourth quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock worth $2,645,000 after acquiring an additional 24 shares during the last quarter. Washington Trust Advisors Inc. increased its position in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Finally, IMA Advisory Services Inc. increased its position in shares of AppLovin by 40.0% during the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company’s stock worth $33,000 after purchasing an additional 24 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. BTIG Research reissued a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Piper Sandler reaffirmed an “overweight” rating on shares of AppLovin in a report on Tuesday, July 7th. Wells Fargo & Company increased their target price on shares of AppLovin from $571.00 to $575.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Needham & Company LLC reissued a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Finally, Wedbush restated an “outperform” rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $668.45.
Insider Transactions at AppLovin
In related news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 in the last 90 days. Insiders own 12.81% of the company’s stock.
AppLovin Stock Performance
Shares of NASDAQ APP opened at $395.90 on Monday. The stock has a market capitalization of $133.00 billion, a PE ratio of 34.01, a PEG ratio of 0.65 and a beta of 2.54. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a fifty day simple moving average of $491.19 and a 200-day simple moving average of $470.96. AppLovin Corporation has a twelve month low of $359.00 and a twelve month high of $745.61.
AppLovin (NASDAQ:APP – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 EPS. On average, equities analysts forecast that AppLovin Corporation will post 15.93 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.
Further Reading
- Five stocks we like better than AppLovin
- 3 Fixed-Income ETFs Show Why Yield Is Only Part of the Income Story
- AbbVie Quietly Solved Its Biggest Problem—Now What?
- Rio Tinto’s Results Make the Case for Looking Beyond Tech in the AI Trade
- Strategy’s Structural Strength: Hidden in a $8 Billion Illusion
Receive News & Ratings for AppLovin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AppLovin and related companies with MarketBeat.com's FREE daily email newsletter.
