Almanack Investment Partners LLC. Acquires New Shares in AppLovin Corporation (NASDAQ:APP)

Almanack Investment Partners LLC. acquired a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,650 shares of the company's stock, valued at approximately $437,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC grew its holdings in AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. SVB Wealth LLC acquired a new stake in AppLovin in the fourth quarter valued at $1,781,922,000. Geode Capital Management LLC grew its holdings in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock valued at $1,462,144,000 after purchasing an additional 573,310 shares during the last quarter. Invesco Ltd. grew its holdings in AppLovin by 68.0% in the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after purchasing an additional 1,222,074 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in AppLovin by 457.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on APP shares. HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday. Piper Sandler restated an "overweight" rating and issued a $470.00 price objective (up from $455.00) on shares of AppLovin in a research report on Thursday. The Goldman Sachs Group upped their price objective on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $438.85.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 513 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director now owns 3,451 shares in the company, valued at $1,450,455.30. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Victoria Valenzuela sold 6,585 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the sale, the insider now owns 357,903 shares of the company's stock, valued at approximately $132,506,427.69. The trade was a 1.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last 90 days. 13.66% of the stock is owned by corporate insiders.

AppLovin Stock Down 3.9%

Shares of APP stock traded down $13.67 during trading hours on Friday, reaching $333.78. The company had a trading volume of 18,524,276 shares, compared to its average volume of 6,199,642. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The stock's fifty day simple moving average is $343.55 and its 200 day simple moving average is $333.63. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The company has a market capitalization of $112.95 billion, a P/E ratio of 60.25, a price-to-earnings-growth ratio of 1.94 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating 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 analyst estimates of $1.38 billion. During the same quarter last year, the firm earned $0.67 EPS. AppLovin's quarterly revenue was up 40.3% on a year-over-year basis. As a group, sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

AppLovin Company 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.