Optivise Advisory Services LLC Purchases New Stake in AppLovin Corporation (NASDAQ:APP)

Optivise Advisory Services LLC bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 768 shares of the company's stock, valued at approximately $203,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JFS Wealth Advisors LLC lifted its position in AppLovin by 38.2% during the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company's stock worth $34,000 after buying an additional 29 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in AppLovin by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after purchasing an additional 31 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in AppLovin by 6.7% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after purchasing an additional 33 shares during the last quarter. Forum Financial Management LP raised its holdings in AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after purchasing an additional 33 shares during the last quarter. Finally, Truvestments Capital LLC raised its holdings in AppLovin by 0.7% during the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Activity

In other news, Director Craig Scott Billings sold 12,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $353.12, for a total value of $4,237,440.00. Following the completion of the sale, the director now owns 2,987 shares of the company's stock, valued at approximately $1,054,769.44. This represents a 80.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the sale, the director now owns 221,209 shares in the company, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is owned by insiders.

AppLovin Stock Down 5.7%

NASDAQ:APP traded down $19.67 during trading hours on Friday, reaching $324.70. 8,710,201 shares of the stock were exchanged, compared to its average volume of 6,134,499. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a 50 day moving average of $331.71 and a 200 day moving average of $334.73. The stock has a market cap of $109.88 billion, a PE ratio of 58.61, a PEG ratio of 2.00 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the firm posted $0.67 EPS. The business's revenue was up 40.3% on a year-over-year basis. On average, equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on APP. Oppenheimer reissued an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. JPMorgan Chase & Co. boosted their price objective on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Jefferies Financial Group boosted their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Morgan Stanley boosted their price objective on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $438.10.

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.