FirstWave Capital Management LLC boosted its holdings in AppLovin Corporation (NASDAQ:APP – Free Report) by 27.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 25,426 shares of the company’s stock after purchasing an additional 5,553 shares during the quarter. AppLovin accounts for 5.8% of FirstWave Capital Management LLC’s investment portfolio, making the stock its 2nd biggest holding. FirstWave Capital Management LLC’s holdings in AppLovin were worth $13,100,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in APP. Cassaday & Co Wealth Management LLC bought a new stake in AppLovin during the first quarter worth $25,000. Washington Trust Advisors Inc. lifted its stake in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in AppLovin during the 4th quarter worth $27,000. Pioneer Family Office LLC purchased a new position in AppLovin during the 2nd quarter worth $31,000. Finally, First Pacific Financial bought a new stake in shares of AppLovin in the 1st quarter worth $33,000. Institutional investors and hedge funds own 41.85% of the company’s stock.
Insiders Place Their Bets
In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the transaction, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Foroughi sold 33,042 shares of AppLovin stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the sale, the chief executive officer owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 271,152 shares of company stock worth $135,295,830 in the last ninety days. 12.81% of the stock is currently owned by insiders.
AppLovin Stock Performance
AppLovin (NASDAQ:APP – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, meeting analysts’ consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the previous year, the business earned $2.39 EPS. The business’s revenue for the quarter was up 52.8% on a year-over-year basis. As a group, analysts expect that AppLovin Corporation will post 15.53 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on the stock. Needham & Company LLC reduced their price target on shares of AppLovin from $500.00 to $475.00 and set a “buy” rating for the company in a research report on Wednesday, August 26th. BTIG Research lowered their price objective on shares of AppLovin from $574.00 to $408.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Bank of America reiterated a “neutral” rating and issued a $400.00 target price (down from $430.00) on shares of AppLovin in a research note on Tuesday, August 11th. Weiss Ratings raised shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Finally, Phillip Securities upgraded shares of AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $538.61.
Read Our Latest Research Report on AppLovin
About AppLovin
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.
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