Florida Financial Advisors LLC Boosts Stock Position in AppLovin Corporation (NASDAQ:APP)

Florida Financial Advisors LLC lifted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 242.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,606 shares of the company's stock after purchasing an additional 1,846 shares during the period. Florida Financial Advisors LLC's holdings in AppLovin were worth $689,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. HighPoint Advisor Group LLC raised its stake in AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after buying an additional 31 shares in the last quarter. Quadrant Capital Group LLC raised its stake in AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after buying an additional 33 shares in the last quarter. Forum Financial Management LP raised 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 worth $1,223,000 after buying an additional 33 shares in the last quarter. Argentarii LLC increased its position in shares of AppLovin by 1.5% during the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after purchasing an additional 40 shares in the last quarter. Finally, Versant Capital Management Inc increased 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. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In related news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer owned 70,889 shares in the company, valued at $25,069,185.96. This represents a 32.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Herald Y. Chen sold 100,000 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the transaction, the director owned 181,929 shares of the company's stock, valued at approximately $76,393,806.39. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by company insiders.

AppLovin Price Performance

Shares of APP stock traded up $8.28 during mid-day trading on Thursday, hitting $363.78. 4,590,686 shares of the stock were exchanged, compared to its average volume of 6,262,713. The firm has a fifty day moving average of $361.80 and a 200 day moving average of $334.81. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15. The company has a market cap of $123.10 billion, a PE ratio of 65.66, a price-to-earnings-growth ratio of 2.12 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last posted 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. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the company posted $0.67 EPS. The company's revenue for the quarter was up 40.3% on a year-over-year basis. Research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on APP. The Goldman Sachs Group upped their price target on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Jefferies Financial Group upped their price target on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. FBN Securities started coverage on AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price target on the stock. Piper Sandler reissued an "overweight" rating and set a $470.00 price objective (up from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Finally, Wells Fargo & Company boosted their price objective on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Company Profile

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.