AppLovin Corporation $APP Shares Bought by Westerkirk Capital Inc.

Key Points

• Westerkirk Capital boosted its AppLovin stake by 42.7% in the fourth quarter, buying 2,618 more shares and bringing its total holding to 8,752 shares worth about $5.9 million.
• Insider selling has been notable: CTO Vasily Shikin and Director Maynard G. Webb, Jr. both sold shares recently, and insiders have sold 397,372 shares worth about $187.9 million over the last 90 days.
• AppLovin posted strong quarterly results, with earnings of $3.56 per share and revenue of $1.84 billion, both ahead of expectations, while analysts remain broadly positive with a consensus rating of “Moderate Buy.”

Westerkirk Capital Inc. increased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 42.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,752 shares of the company's stock after buying an additional 2,618 shares during the quarter. Westerkirk Capital Inc.'s holdings in AppLovin were worth $5,897,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. CBIZ Investment Advisory Services LLC grew its stake in shares of AppLovin by 58.6% during the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 17 shares during the period. Redhawk Wealth Advisors Inc. grew its stake in shares of AppLovin by 2.9% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock worth $431,000 after purchasing an additional 18 shares during the period. Verdence Capital Advisors LLC grew its stake in shares of AppLovin by 5.7% during the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock worth $224,000 after purchasing an additional 18 shares during the period. Claro Advisors LLC grew its stake in shares of AppLovin by 3.2% during the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company's stock worth $465,000 after purchasing an additional 20 shares during the period. Finally, Strategic Advocates LLC grew its stake in shares of AppLovin by 0.8% during the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company's stock worth $1,851,000 after purchasing an additional 21 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 8,112 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $483.67, for a total value of $3,923,531.04. Following the completion of the sale, the chief technology officer owned 18,805 shares of the company's stock, valued at approximately $9,095,414.35. This trade represents a 30.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction on Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the transaction, the director owned 123,520 shares in the company, valued at approximately $71,893,580.80. This represents a 2.43% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 397,372 shares of company stock valued at $187,943,603. 13.66% of the stock is currently owned by company insiders.

AppLovin Stock Performance

NASDAQ:APP opened at $563.69 on Tuesday. The company's 50-day moving average price is $473.88 and its 200-day moving average price is $521.57. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $189.37 billion, a P/E ratio of 48.43, a P/E/G ratio of 0.91 and a beta of 2.45. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on APP. Citigroup reaffirmed a "buy" rating and set a $710.00 price objective on shares of AppLovin in a research note on Monday, June 1st. Jefferies Financial Group dropped their price objective on shares of AppLovin from $860.00 to $700.00 and set a "buy" rating on the stock in a research note on Thursday, February 12th. Benchmark reaffirmed a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. Argus began coverage on shares of AppLovin in a research note on Tuesday, April 14th. They set a "buy" rating and a $520.00 price objective on the stock. Finally, Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a "neutral" rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $664.35.

AppLovin Profile

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.