Assetmark Inc. increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 36.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,328 shares of the company's stock after buying an additional 4,906 shares during the period. Assetmark Inc.'s holdings in AppLovin were worth $4,856,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in APP. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of AppLovin during the fourth quarter worth $25,000. Atala Financial Inc acquired a new position in AppLovin during the 1st quarter valued at about $26,000. Alpine Bank Wealth Management bought a new stake in AppLovin during the first quarter worth approximately $27,000. ORG Wealth Partners LLC acquired a new stake in shares of AppLovin in the first quarter valued at $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin during the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the company. Piper Sandler restated an "overweight" rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Scotiabank raised AppLovin to a "strong-buy" rating in a report on Tuesday, July 8th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. Wall Street Zen raised AppLovin from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and a consensus price target of $447.57.
Read Our Latest Stock Report on AppLovin
AppLovin Price Performance
APP traded down $11.72 during trading on Friday, reaching $378.98. 3,842,911 shares of the company were exchanged, compared to its average volume of 7,086,863. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The company's 50-day moving average is $362.95 and its two-hundred day moving average is $337.13. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The company has a market cap of $128.24 billion, a price-to-earnings ratio of 68.60, a P/E/G ratio of 2.16 and a beta of 2.42.
AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. AppLovin's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.67 earnings per share. Research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.
Insider Transactions at AppLovin
In other news, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction that occurred on 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 owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $423.00, for a total value of $4,109,022.00. Following the transaction, the chief financial officer directly owned 192,421 shares of the company's stock, valued at $81,394,083. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. Insiders own 13.66% of the company's stock.
AppLovin Company Profile
(
Free Report)
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.
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