Nicholas Wealth LLC. Purchases 2,760 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Nicholas Wealth LLC increased its stake in AppLovin Corporation by 226.4%, owning 3,979 shares worth $1,054,000 following the purchase of an additional 2,760 shares.
• Multiple institutional investors, including FMR LLC and Arrowstreet Capital, significantly increased their holdings in AppLovin during the 4th quarter, with Arrowstreet raising its stake by 457.2%.
• AppLovin reported quarterly revenue of $1.48 billion, exceeding estimates and reflecting a 40.3% increase from the previous year, with an earnings per share of $1.67.

Nicholas Wealth LLC. raised its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 226.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 3,979 shares of the company's stock after purchasing an additional 2,760 shares during the period. Nicholas Wealth LLC.'s holdings in AppLovin were worth $1,054,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of APP. Cetera Investment Advisers boosted its stake in shares of AppLovin by 44.6% in the first quarter. Cetera Investment Advisers now owns 49,116 shares of the company's stock worth $13,014,000 after acquiring an additional 15,150 shares during the period. Avantax Advisory Services Inc. boosted its stake in shares of AppLovin by 15.4% in the first quarter. Avantax Advisory Services Inc. now owns 15,926 shares of the company's stock worth $4,220,000 after acquiring an additional 2,120 shares during the period. Kovack Advisors Inc. boosted its stake in shares of AppLovin by 14.7% in the first quarter. Kovack Advisors Inc. now owns 1,211 shares of the company's stock worth $321,000 after acquiring an additional 155 shares during the period. Wedbush Securities Inc. boosted its stake in shares of AppLovin by 32.9% in the first quarter. Wedbush Securities Inc. now owns 969 shares of the company's stock worth $257,000 after acquiring an additional 240 shares during the period. Finally, Mount Lucas Management LP boosted its stake in shares of AppLovin by 17.8% in the first quarter. Mount Lucas Management LP now owns 6,530 shares of the company's stock worth $1,730,000 after acquiring an additional 986 shares during the period. Institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 100,000 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $419.91, for a total value of $41,991,000.00. Following the transaction, the director owned 181,929 shares of the company's stock, valued at $76,393,806.39. This represents a 35.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the transaction, the chief financial officer directly owned 192,421 shares in the company, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Company insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Wells Fargo & Company boosted their target price on AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Wall Street Zen upgraded AppLovin from a "hold" rating to a "buy" rating in a research report on Saturday. Morgan Stanley boosted their target price on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. One equities research 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, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $447.57.

AppLovin Trading Up 0.9%

Shares of NASDAQ APP traded up $3.15 during midday trading on Monday, hitting $367.29. The company's stock had a trading volume of 1,176,169 shares, compared to its average volume of 7,154,350. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The business's 50 day moving average is $362.09 and its two-hundred day moving average is $335.88. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The firm has a market cap of $124.29 billion, a P/E ratio of 66.30, a price-to-earnings-growth ratio of 2.17 and a beta of 2.42.

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

AppLovin 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.