Arista Wealth Management LLC Buys Shares of 1,967 AppLovin Corporation $APP

Key Points

• Arista Wealth Management LLC acquired 1,967 shares of AppLovin Corporation valued at approximately $689,000 in the second quarter, amid increased activity from other hedge funds in the stock.
• Multiple research firms upgraded AppLovin's stock ratings, with Morgan Stanley raising its price target from $480 to $750 and Wells Fargo from $491 to $633, contributing to a consensus rating of "Moderate Buy."
• Insiders sold over 1.15 million shares of AppLovin stock in the last quarter, indicating potential concerns as insiders now hold about 13.66% of the stock.

Arista Wealth Management LLC purchased a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,967 shares of the company's stock, valued at approximately $689,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Kingswood Wealth Advisors LLC lifted its stake in shares of AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after acquiring an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after buying an additional 66,453 shares during the period. Legal Advantage Investments Inc. acquired a new stake in AppLovin during the second quarter worth approximately $1,523,000. Park Avenue Securities LLC grew its position in shares of AppLovin by 30.6% during the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company's stock worth $7,313,000 after buying an additional 4,890 shares during the period. Finally, Yousif Capital Management LLC increased its stake in shares of AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after acquiring an additional 119 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on APP. Morgan Stanley raised their price target on shares of AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Royal Bank Of Canada began coverage on AppLovin in a research note on Monday. They set an "outperform" rating and a $700.00 price target on the stock. Wells Fargo & Company increased their price target on AppLovin from $491.00 to $633.00 and gave the stock an "overweight" rating in a report on Tuesday. Wall Street Zen downgraded AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, UBS Group upped their target price on AppLovin from $540.00 to $810.00 and gave the stock a "buy" rating in a research report on Friday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, AppLovin has a consensus rating of "Moderate Buy" and an average target price of $600.59.

Insider Activity

In related news, Director Dawson Alyssa Harvey sold 350 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares of the company's stock, valued at approximately $1,537,105.50. This trade represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 30,000 shares of AppLovin stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by company insiders.

AppLovin Trading Up 0.6%

Shares of AppLovin stock opened at $605.68 on Friday. The company has a market capitalization of $204.87 billion, a P/E ratio of 86.03, a price-to-earnings-growth ratio of 3.27 and a beta of 2.53. The stock has a fifty day simple moving average of $553.38 and a 200 day simple moving average of $409.27. AppLovin Corporation has a 12-month low of $141.35 and a 12-month high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion for 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 business's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.89 EPS. On average, sell-side analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.

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