AppLovin Co. (NASDAQ:APP) Shares Bought by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC increased its position in AppLovin Co. (NASDAQ:APP - Free Report) by 9.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,750 shares of the company's stock after acquiring an additional 1,065 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in AppLovin were worth $3,378,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. SVB Wealth LLC purchased a new stake in AppLovin during the 4th quarter valued at approximately $1,781,922,000. Geode Capital Management LLC grew its holdings in AppLovin by 14.5% during the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock valued at $1,462,144,000 after buying an additional 573,310 shares in the last quarter. Baillie Gifford & Co. grew its holdings in AppLovin by 5,421.4% during the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of 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 in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now directly owns 221,209 shares of the company's stock, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig Scott Billings sold 12,000 shares of the business's 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 sale, the director now owns 2,987 shares of the company's stock, valued at approximately $1,054,769.44. The trade was a 80.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group raised their target price on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Morgan Stanley raised their target price on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. FBN Securities assumed coverage on shares of AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. UBS Group raised their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Jefferies Financial Group raised their target price on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $438.10.

AppLovin Stock Down 4.2%

Shares of AppLovin stock traded down $16.09 during trading on Friday, hitting $364.49. 4,342,573 shares of the stock traded hands, compared to its average volume of 6,124,940. The firm has a market cap of $123.34 billion, a P/E ratio of 80.28, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The stock's fifty day simple moving average is $324.29 and its 200 day simple moving average is $334.18.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the company posted $0.67 earnings per share. The firm's revenue was up 40.3% on a year-over-year basis. On average, equities analysts predict that AppLovin Co. 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.