Encompass More Asset Management Raises Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Key Points

• Encompass More Asset Management increased its stake in AppLovin Corporation by 50.1% in the first quarter, holding shares now valued at $609,000.
• During the first quarter, several hedge funds also raised their holdings, with Dynasty Wealth Management's stake skyrocketing by 117,664.4%, now totaling over $716 million.
• AppLovin reported a strong quarterly earnings performance, with $1.67 earnings per share, exceeding estimates and reflecting a revenue increase of 40.3% compared to the previous year.

Encompass More Asset Management increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 50.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,298 shares of the company's stock after buying an additional 767 shares during the quarter. Encompass More Asset Management's holdings in AppLovin were worth $609,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC boosted its holdings in shares of AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after acquiring an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares during the period. Yousif Capital Management LLC raised its position in shares of AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after buying an additional 119 shares in the last quarter. Peak Retirement Planning Inc. purchased a new position in AppLovin during the fourth quarter worth about $969,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after acquiring an additional 121 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director owned 3,451 shares in the company, valued at approximately $1,450,455.30. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last 90 days. Insiders own 13.66% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Citigroup reissued a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. BTIG Research increased their price objective on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen raised AppLovin from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Piper Sandler reissued an "overweight" rating and set a $470.00 price target (up from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $447.57.

AppLovin Stock Up 3.3%

Shares of NASDAQ APP traded up $12.64 during mid-day trading on Wednesday, hitting $390.57. 12,551,335 shares of the stock traded hands, compared to its average volume of 4,442,797. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a fifty day moving average price of $364.21 and a 200-day moving average price of $338.23. The company has a market cap of $132.16 billion, a price-to-earnings ratio of 68.22, a PEG ratio of 2.25 and a beta of 2.43. AppLovin Corporation has a 52 week low of $66.16 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business's revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 earnings per share. Research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current 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.