AppLovin Corporation $APP Shares Acquired by Sierra Summit Advisors LLC

Key Points

• Sierra Summit Advisors LLC boosted its AppLovin stake by 59.6% in the fourth quarter, buying 6,901 more shares and bringing its total to 18,486 shares worth about $12.46 million.
• Analyst sentiment remains constructive: AppLovin has a Moderate Buy consensus rating, with a $664.35 average target price after several firms reiterated buy ratings and set targets as high as $720.
• The company reported strong Q1 earnings, posting $3.56 EPS on $1.84 billion in revenue, both ahead of estimates, while revenue jumped 58.9% year over year.

Sierra Summit Advisors LLC increased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 59.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,486 shares of the company's stock after acquiring an additional 6,901 shares during the quarter. AppLovin makes up about 1.9% of Sierra Summit Advisors LLC's holdings, making the stock its 19th biggest position. Sierra Summit Advisors LLC's holdings in AppLovin were worth $12,456,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company's stock valued at $16,926,746,000 after acquiring an additional 166,117 shares during the period. State Street Corp increased its stake in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after buying an additional 6,237,051 shares during the period. Invesco Ltd. increased its stake in AppLovin by 9.4% in the 3rd quarter. Invesco Ltd. now owns 4,292,752 shares of the company's stock valued at $3,084,514,000 after buying an additional 367,083 shares during the period. Jennison Associates LLC increased its stake in AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company's stock valued at $2,792,355,000 after buying an additional 1,381,970 shares during the period. Finally, Kensico Capital Management Corp increased its stake in AppLovin by 3.1% in the 3rd quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company's stock valued at $2,240,767,000 after buying an additional 95,000 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on APP shares. Needham & Company LLC reissued a "buy" rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. The Goldman Sachs Group dropped their price objective on shares of AppLovin from $710.00 to $585.00 and set a "neutral" rating on the stock in a research note on Thursday, February 12th. Morgan Stanley set a $720.00 price objective on shares of AppLovin in a research note on Thursday, February 12th. Arete Research set a $340.00 price objective on shares of AppLovin and gave the company a "neutral" rating in a research note on Monday, March 2nd. Finally, BTIG Research reissued a "buy" rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and a consensus target price of $664.35.

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 5,231 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the sale, the chief technology officer directly owned 30,658 shares in the company, valued at approximately $14,638,275.26. The trade was a 14.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the sale, the director owned 6,969,382 shares in the company, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 365,244 shares of company stock worth $169,584,607. Corporate insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $482.28 on Thursday. The firm has a market capitalization of $162.02 billion, a P/E ratio of 41.43, a PEG ratio of 0.78 and a beta of 2.37. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The company's fifty day moving average is $445.73 and its two-hundred day moving average is $525.32. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business's revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.67 EPS. Analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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