Apollon Wealth Management LLC Boosts Stock Position in AppLovin Corporation (NASDAQ:APP)

Apollon Wealth Management LLC boosted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 35.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,141 shares of the company's stock after buying an additional 1,073 shares during the period. Apollon Wealth Management LLC's holdings in AppLovin were worth $1,097,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of APP. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin during the 4th quarter worth approximately $25,000. Atala Financial Inc purchased a new stake in shares of AppLovin in the first quarter valued at $26,000. Alpine Bank Wealth Management acquired a new position in AppLovin in the first quarter valued at $27,000. Tucker Asset Management LLC acquired a new position in shares of AppLovin during the fourth quarter worth about $28,000. Finally, ORG Wealth Partners LLC acquired a new position in shares of AppLovin during the first quarter worth about $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Performance

AppLovin stock opened at $363.78 on Friday. The firm has a market capitalization of $123.10 billion, a P/E ratio of 65.66, a PEG ratio of 2.12 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a fifty day moving average price of $361.80 and a 200 day moving average price of $334.81. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Benchmark reiterated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Loop Capital restated a "buy" rating and issued a $650.00 target price on shares of AppLovin in a report on Friday, March 28th. Wells Fargo & Company increased their target price on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Wedbush raised AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Finally, Scotiabank upgraded shares of AppLovin to a "strong-buy" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and an average target price of $438.43.

Insiders Place Their Bets

In other news, Director Herald Y. Chen sold 171,420 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total value of $64,071,653.40. Following the completion of the transaction, the director directly owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. This represents a 43.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at $1,014,461,006.13. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. Company insiders own 13.66% of the company's stock.

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.