AppLovin Corporation $APP Shares Acquired by Stratos Wealth Partners LTD.

Key Points

• Stratos Wealth Partners LTD. increased its stake in AppLovin Corporation by 139.0% during the 2nd quarter, now holding 20,560 shares valued at approximately $7.2 million.
• AppLovin's recent quarterly earnings showed an EPS of $2.26, exceeding estimates, while revenue reached $1.26 billion, which was below consensus.
• Several analysts have raised their price targets for AppLovin, with estimates now ranging from $425.00 to $850.00 as sentiment shifts to a "Moderate Buy" consensus rating.

Stratos Wealth Partners LTD. lifted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 139.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,560 shares of the company's stock after purchasing an additional 11,959 shares during the period. Stratos Wealth Partners LTD.'s holdings in AppLovin were worth $7,198,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. AssuredPartners Investment Advisors LLC boosted its holdings in shares of AppLovin by 20.6% during the 2nd quarter. AssuredPartners Investment Advisors LLC now owns 2,618 shares of the company's stock worth $917,000 after purchasing an additional 448 shares during the last quarter. Private Trust Co. NA raised its position in shares of AppLovin by 57.5% during the 2nd quarter. Private Trust Co. NA now owns 1,575 shares of the company's stock valued at $551,000 after buying an additional 575 shares during the period. Angeles Wealth Management LLC purchased a new stake in shares of AppLovin during the 2nd quarter valued at approximately $234,000. Applied Finance Capital Management LLC purchased a new stake in shares of AppLovin during the 2nd quarter valued at approximately $1,552,000. Finally, Nordea Investment Management AB raised its position in shares of AppLovin by 16.2% during the 2nd quarter. Nordea Investment Management AB now owns 213,855 shares of the company's stock valued at $76,849,000 after buying an additional 29,862 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Performance

NASDAQ:APP opened at $599.31 on Friday. The company has a fifty day simple moving average of $556.25 and a two-hundred day simple moving average of $411.45. The company has a market cap of $202.72 billion, a price-to-earnings ratio of 85.13, a price-to-earnings-growth ratio of 3.29 and a beta of 2.53. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52 week low of $141.35 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 earnings per share. As a group, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Jefferies Financial Group lifted their price target on shares of AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a research report on Friday, September 5th. UBS Group lifted their price target on shares of AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a research report on Friday, September 26th. The Goldman Sachs Group reissued a "neutral" rating and issued a $630.00 target price on shares of AppLovin in a research report on Tuesday. Finally, Citigroup boosted their target price on AppLovin from $600.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $600.59.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the business's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer owned 2,620,054 shares of the company's stock, valued at approximately $1,103,147,536.16. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Corporate insiders own 13.66% of the company's stock.

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.

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.