Silvant Capital Management LLC Purchases 8,328 Shares of AppLovin Corporation $APP

Key Points

• Silvant Capital Management LLC increased its holdings in AppLovin Corporation by 27.4%, now owning 38,696 shares valued at approximately $10.25 million.
• AppLovin reported $2.26 earnings per share for the recent quarter, exceeding expectations by $0.21, while revenues totaled $1.26 billion.
• Insider activity saw significant sales, with the CTO and CEO selling 30,000 and 90,000 shares respectively, decreasing their stake in the company.

Silvant Capital Management LLC grew its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 27.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,696 shares of the company's stock after acquiring an additional 8,328 shares during the quarter. Silvant Capital Management LLC's holdings in AppLovin were worth $10,253,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of APP. Revolve Wealth Partners LLC bought a new stake in shares of AppLovin in the fourth quarter valued at approximately $294,000. MGO One Seven LLC bought a new stake in shares of AppLovin in the fourth quarter valued at approximately $308,000. Integrated Wealth Concepts LLC bought a new stake in shares of AppLovin in the fourth quarter valued at approximately $347,000. Berger Financial Group Inc bought a new stake in shares of AppLovin in the fourth quarter valued at approximately $280,000. Finally, Public Employees Retirement Association of Colorado boosted its position in shares of AppLovin by 18.8% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 20,923 shares of the company's stock valued at $6,775,000 after acquiring an additional 3,309 shares during the period. 41.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on APP. BTIG Research raised their target price on AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Wedbush reaffirmed an "outperform" rating and issued a $620.00 target price on shares of AppLovin in a research report on Thursday, August 7th. The Goldman Sachs Group raised their target price on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Tuesday. Finally, Morgan Stanley raised their target price on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $478.81.

Insider Activity

In other news, CTO Vasily Shikin sold 17,564 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.48, for a total value of $7,683,898.72. Following the completion of the sale, the chief technology officer directly owned 53,389 shares in the company, valued at approximately $23,356,619.72. This trade represents a 24.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 15,000 shares of AppLovin stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $450.00, for a total value of $6,750,000.00. Following the completion of the sale, the insider owned 304,955 shares of the company's stock, valued at approximately $137,229,750. The trade was a 4.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,236,152 shares of company stock worth $545,240,378. 13.66% of the stock is owned by corporate insiders.

AppLovin Price Performance

Shares of NASDAQ:APP traded up $20.81 during midday trading on Thursday, reaching $483.75. The company's stock had a trading volume of 5,893,324 shares, compared to its average volume of 6,618,987. AppLovin Corporation has a fifty-two week low of $82.51 and a fifty-two week high of $525.15. The company has a market capitalization of $163.63 billion, a P/E ratio of 68.71, a P/E/G ratio of 2.59 and a beta of 2.43. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The business's fifty day simple moving average is $384.32 and its 200-day simple moving average is $347.60.

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

About AppLovin

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.