AppLovin Corporation (NASDAQ:APP) Stock Position Raised by Castellan Group

Key Points

• Castellan Group increased its stake in AppLovin Corporation (NASDAQ:APP) by 31.3%, making up about 2.8% of its holdings, with a total value of $10 million at the end of the recent reporting period.
• In the first quarter, multiple institutional investors, including Fuller & Thaler Asset Management and Alpine Bank Wealth Management, bought new stakes in AppLovin, indicating growing interest among institutional investors.
• AppLovin reported strong earnings, with an EPS of $1.67 for the recent quarter, surpassing analysts' expectations and showing a 40.3% year-over-year revenue increase.

Castellan Group grew its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 31.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,037 shares of the company's stock after purchasing an additional 9,068 shares during the period. AppLovin makes up approximately 2.8% of Castellan Group's investment portfolio, making the stock its 14th largest holding. Castellan Group's holdings in AppLovin were worth $10,079,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Kingswood Wealth Advisors LLC increased its holdings in shares of AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after buying an additional 66,453 shares in the last quarter. Yousif Capital Management LLC boosted its stake in AppLovin by 3.5% during the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after buying an additional 119 shares in the last quarter. Peak Retirement Planning Inc. bought a new position in AppLovin during the fourth quarter valued at about $969,000. Finally, Assenagon Asset Management S.A. boosted its stake in AppLovin by 3.0% during the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after buying an additional 121 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 100,000 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 181,929 shares of the company's stock, valued at approximately $76,393,806.39. This represents a 35.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction dated 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 sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 Stock Down 3.0%

AppLovin stock traded down $11.53 during mid-day trading on Friday, hitting $379.17. The company's stock had a trading volume of 6,325,484 shares, compared to its average volume of 3,866,259. The firm's 50 day moving average is $363.45 and its 200 day moving average is $337.53. The company has a market cap of $128.31 billion, a PE ratio of 68.44, a price-to-earnings-growth ratio of 2.33 and a beta of 2.43. 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 Corporation has a 52-week low of $60.67 and a 52-week high of $525.15.

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

Wall Street Analyst Weigh In

APP has been the subject of several research reports. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. UBS Group raised their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Benchmark reaffirmed a "buy" rating and set a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. Finally, Wedbush raised AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $447.57.

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.