AppLovin Corporation $APP Shares Bought by Brookstone Capital Management

Key Points

• Brookstone Capital Management increased its AppLovin stake by 496.8% in the first quarter, buying 12,634 additional shares and lifting its total holdings to 15,177 shares worth about $6.04 million.
• AppLovin recently reported strong quarterly results, posting EPS of $3.56 versus the $3.44 consensus and revenue of $1.84 billion, up 58.9% year over year.
• Despite the positive earnings and continued institutional interest, the stock was down 0.5% in Wednesday trading, while analysts currently rate it a Moderate Buy with an average price target of $669.62.

Brookstone Capital Management boosted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 496.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,177 shares of the company's stock after buying an additional 12,634 shares during the period. Brookstone Capital Management's holdings in AppLovin were worth $6,040,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company's stock worth $16,926,746,000 after acquiring an additional 166,117 shares during the last quarter. State Street Corp raised its stake in AppLovin by 0.4% in the 4th quarter. State Street Corp now owns 11,904,843 shares of the company's stock valued at $8,021,721,000 after purchasing an additional 52,377 shares during the last quarter. Geode Capital Management LLC raised its stake in AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock valued at $4,817,269,000 after purchasing an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company's stock valued at $4,103,386,000 after purchasing an additional 212,349 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company's stock valued at $3,747,551,000 after purchasing an additional 538,806 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 0.5%

Shares of NASDAQ:APP opened at $467.02 on Wednesday. The business has a 50-day moving average price of $495.55 and a 200 day moving average price of $514.39. The company has a market capitalization of $156.89 billion, a price-to-earnings ratio of 40.12, a PEG ratio of 0.76 and a beta of 2.45. AppLovin Corporation has a 12-month low of $325.58 and a 12-month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter last year, the company posted $1.67 EPS. The firm's quarterly revenue was up 58.9% on a year-over-year basis. Sell-side analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on APP shares. Oppenheimer dropped their target price on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. UBS Group decreased their price target on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC restated a "buy" rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. KeyCorp set a $775.00 price objective on shares of AppLovin in a research note on Wednesday, June 10th. Finally, BTIG Research reiterated a "buy" rating and issued a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $669.62.

Insider Buying and Selling

In other news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares in the company, valued at approximately $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total value of $30,423,513.68. Following the sale, the chief technology officer owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. This trade represents a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 389,924 shares of company stock worth $195,693,875 over the last three months. 13.66% of the stock is owned by insiders.

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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