13,931 Shares in AppLovin Corporation $APP Purchased by Patton Albertson Miller Group LLC

Key Points

• Patton Albertson Miller Group LLC has acquired a new position in AppLovin Corporation, purchasing 13,931 shares valued at approximately $4.87 million.
• Wall Street analysts have raised their price targets for AppLovin, with BTIG Research setting it at $664.00 and Benchmark at $640.00, with the stock currently having a consensus rating of "Moderate Buy."
• Insider trading showed significant selling, with Director Herald Y. Chen selling 200,000 shares for about $86.5 million, indicating a significant decrease in ownership.

Patton Albertson Miller Group LLC acquired a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 13,931 shares of the company's stock, valued at approximately $4,877,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Atala Financial Inc acquired a new stake in AppLovin during the first quarter worth about $26,000. Hoey Investments Inc. acquired a new stake in shares of AppLovin during the second quarter valued at about $35,000. ORG Wealth Partners LLC acquired a new stake in shares of AppLovin during the first quarter valued at about $29,000. Alpine Bank Wealth Management acquired a new stake in shares of AppLovin during the first quarter valued at about $27,000. Finally, ORG Partners LLC increased its position in shares of AppLovin by 146.5% during the second quarter. ORG Partners LLC now owns 106 shares of the company's stock valued at $36,000 after acquiring an additional 63 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. BTIG Research lifted their price target on shares of AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Morgan Stanley lifted their price target on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Wells Fargo & Company lifted their price objective on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a report on Thursday, August 21st. Finally, Benchmark lifted their price objective on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $540.76.

AppLovin Stock Up 4.7%

Shares of AppLovin stock opened at $669.86 on Friday. AppLovin Corporation has a 52-week low of $126.53 and a 52-week high of $671.18. The company has a 50 day moving average of $480.60 and a 200 day moving average of $377.20. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $226.58 billion, a P/E ratio of 95.15, a P/E/G ratio of 3.71 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The firm's quarterly revenue was up 77.1% on a year-over-year basis. As a group, research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares in the company, valued at $78,682,473.21. The trade was a 52.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 over the last ninety days. 13.66% of the stock is currently owned by corporate insiders.

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.

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