AppLovin Corporation (NASDAQ:APP) Shares Bought by Callan Family Office LLC

Key Points

• Callan Family Office LLC increased its holdings in AppLovin by 75%, owning nearly 3,000 shares worth approximately $790,000 after buying additional shares in the 1st quarter.
• Multiple hedge funds have also expanded their investments in AppLovin, with Vanguard Group and Dynasty Wealth Management significantly increasing their positions by 7.3% and 117,664.4% respectively.
• Wall Street analysts maintain a Moderate Buy consensus rating on AppLovin, with price targets ranging from $335.00 to $480.00, suggesting overall positive sentiment despite recent earnings performance concerns.

Callan Family Office LLC grew its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 75.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,983 shares of the company's stock after acquiring an additional 1,278 shares during the quarter. Callan Family Office LLC's holdings in AppLovin were worth $790,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Baillie Gifford & Co. raised its holdings in shares of AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after buying an additional 1,185,859 shares during the last quarter. Invesco Ltd. boosted its stake in shares of AppLovin by 32.9% during the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after buying an additional 992,316 shares during the period. Dynasty Wealth Management LLC boosted its stake in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after buying an additional 2,700,399 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of AppLovin by 86.5% during the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after buying an additional 1,107,104 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on APP shares. The Goldman Sachs Group upped their price objective on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. HSBC set a $436.00 price target on AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company lifted their price objective on shares of AppLovin from $405.00 to $480.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. Finally, Citigroup restated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $472.33.

Insider Buying and Selling at AppLovin

In related news, insider Victoria Valenzuela sold 6,599 shares of AppLovin stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $369.35, for a total transaction of $2,437,340.65. Following the completion of the transaction, the insider directly owned 344,256 shares in the company, valued at $127,150,953.60. The trade was a 1.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the sale, the chief executive officer directly owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. The trade was a 3.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 400,398 shares of company stock worth $151,712,641. 13.66% of the stock is currently owned by insiders.

AppLovin Trading Down 4.4%

NASDAQ:APP opened at $446.40 on Thursday. AppLovin Corporation has a 52-week low of $80.14 and a 52-week high of $525.15. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a fifty day simple moving average of $370.02 and a 200-day simple moving average of $342.07. The company has a market capitalization of $151.06 billion, a PE ratio of 63.41, a price-to-earnings-growth ratio of 2.61 and a beta of 2.43.

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

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