AdvisorNet Financial Inc Acquires 502 Shares of AppLovin Corporation $APP

Key Points

• AdvisorNet Financial Inc increased its stake in AppLovin Corporation by 95.8% during the 2nd quarter, acquiring an additional 502 shares, with total holdings valued at $359,000.
• Several other hedge funds have also adjusted their investments in AppLovin, with recent transactions leading to a significant number of stocks acquired and a total of 41.85% of shares owned by institutional investors.
• Wall Street analysts have generally positive outlooks on AppLovin, with multiple price target upgrades in recent reports, including a target increase from $525.00 to $640.00 by Benchmark, reflecting a strong sentiment towards the stock's growth.

AdvisorNet Financial Inc boosted its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 95.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,026 shares of the company's stock after purchasing an additional 502 shares during the quarter. AdvisorNet Financial Inc's holdings in AppLovin were worth $359,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. IronOak Wealth LLC. bought a new stake in shares of AppLovin in the 2nd quarter worth approximately $963,000. GAMMA Investing LLC lifted its position in shares of AppLovin by 9.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,033 shares of the company's stock worth $712,000 after acquiring an additional 176 shares during the period. U.S. Capital Wealth Advisors LLC bought a new stake in shares of AppLovin in the 2nd quarter worth approximately $294,000. Park Avenue Securities LLC lifted its position in shares of AppLovin by 30.6% in the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company's stock worth $7,313,000 after acquiring an additional 4,890 shares during the period. Finally, Matrix Trust Co lifted its position in shares of AppLovin by 33.8% in the 2nd quarter. Matrix Trust Co now owns 981 shares of the company's stock worth $343,000 after acquiring an additional 248 shares during the period. Institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares of the company's stock, valued at $1,537,105.50. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Company insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price objective on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Wells Fargo & Company raised their price objective on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a research report on Thursday, August 21st. Morgan Stanley raised their price objective on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Finally, Benchmark raised their target price on AppLovin from $525.00 to $640.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average price target of $513.38.

AppLovin Price Performance

AppLovin stock opened at $641.92 on Thursday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The company has a market capitalization of $217.13 billion, a PE ratio of 91.18, a price-to-earnings-growth ratio of 3.61 and a beta of 2.44. AppLovin Corporation has a one year low of $125.62 and a one year high of $670.19. The business has a 50 day simple moving average of $468.97 and a 200 day simple moving average of $370.86.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the company earned $0.89 EPS. AppLovin's revenue was up 77.1% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.