Cerity Partners LLC Acquires 3,300 Shares of AppLovin Corporation (NASDAQ:APP)

Cerity Partners LLC raised its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 18.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,960 shares of the company's stock after purchasing an additional 3,300 shares during the quarter. Cerity Partners LLC's holdings in AppLovin were worth $5,554,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of the stock. HighPoint Advisor Group LLC increased its holdings in AppLovin by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after purchasing an additional 31 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of AppLovin by 6.7% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after acquiring an additional 33 shares during the last quarter. Forum Financial Management LP lifted its stake in AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after buying an additional 33 shares during the period. Argentarii LLC raised its position in shares of AppLovin by 1.5% in the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after acquiring an additional 40 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of AppLovin by 13.4% during the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after purchasing an additional 43 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Herald Y. Chen sold 171,420 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the transaction, the director directly owned 221,209 shares of the company's stock, valued at $82,681,287.93. This trade represents a 43.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the transaction, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 in the last ninety days. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Up 0.2%

Shares of AppLovin stock traded up $0.68 during trading on Friday, reaching $364.46. 4,762,876 shares of the company traded hands, compared to its average volume of 6,256,760. The company has a 50 day moving average price of $361.80 and a 200-day moving average price of $334.81. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a market capitalization of $123.33 billion, a PE ratio of 65.79, a P/E/G ratio of 2.12 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68.

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

Wall Street Analysts Forecast Growth

APP has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. Piper Sandler reaffirmed an "overweight" rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. Morgan Stanley boosted their price objective on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, FBN Securities initiated coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $438.43.

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.