AppLovin Corporation $APP Shares Acquired by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC increased its ownership in AppLovin Corporation by 57.7% in the second quarter, bringing its total holdings to 4,453 shares worth approximately $1.56 million.
• Insider trading activity was notable, with Director Eduardo Vivas selling 125,000 shares for about $58.25 million, and CEO Arash Adam Foroughi selling 90,000 shares for approximately $37.89 million.
• Wall Street analysts have raised their price targets for AppLovin, with UBS increasing its target from $540 to $810, and the stock currently has an average price target of $579.81.

SteelPeak Wealth LLC grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 57.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,453 shares of the company's stock after purchasing an additional 1,629 shares during the quarter. SteelPeak Wealth LLC's holdings in AppLovin were worth $1,559,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in APP. Atala Financial Inc bought a new position in shares of AppLovin during the first quarter valued at approximately $26,000. Hilltop National Bank bought a new position in shares of AppLovin during the second quarter valued at approximately $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin during the first quarter valued at approximately $27,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin during the first quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin during the first quarter valued at approximately $29,000. 41.85% of the stock is owned by institutional investors.

Insider Activity

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director directly owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. This trade represents a 1.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the sale, the chief executive officer owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

APP has been the subject of several recent research reports. UBS Group upped their target price on AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a report on Friday, September 26th. Piper Sandler increased their price objective on AppLovin from $500.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. Wells Fargo & Company increased their price objective on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a report on Thursday, August 21st. JPMorgan Chase & Co. increased their price objective on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $579.81.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $631.85 on Wednesday. The stock has a fifty day moving average price of $524.30 and a two-hundred day moving average price of $395.61. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The firm has a market cap of $213.72 billion, a P/E ratio of 89.75, a PEG ratio of 3.22 and a beta of 2.53. AppLovin Corporation has a 1 year low of $139.40 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm's quarterly revenue was up 77.1% on a year-over-year basis. During the same period last year, the company posted $0.89 EPS. Research 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.

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