Axxcess Wealth Management LLC Boosts Holdings in AppLovin Corporation $APP

Key Points

• Axxcess Wealth Management increased its AppLovin stake by 45.3% in the fourth quarter, buying 5,214 additional shares and bringing its total holding to 16,728 shares valued at about $11.27 million.
• AppLovin’s latest quarterly results beat expectations, with EPS of $3.56 versus $3.44 estimated and revenue of $1.84 billion versus $1.77 billion expected. Revenue rose 58.9% year over year.
• Despite some insider selling and a slight stock dip, analysts remain broadly positive on APP, with a Moderate Buy consensus and an average price target of $664.35.

Axxcess Wealth Management LLC raised its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 45.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,728 shares of the company's stock after buying an additional 5,214 shares during the quarter. Axxcess Wealth Management LLC's holdings in AppLovin were worth $11,272,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of APP. Vanguard Group Inc. raised its position in shares of AppLovin by 39.4% in the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company's stock valued at $17,930,776,000 after purchasing an additional 7,051,663 shares in the last quarter. State Street Corp increased its holdings in shares of AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the last quarter. Jennison Associates LLC grew its stake in AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company's stock worth $2,792,355,000 after buying an additional 1,381,970 shares during the last quarter. Capital Research Global Investors bought a new position in AppLovin during the 3rd quarter worth $743,899,000. Finally, Northern Trust Corp grew its stake in AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock worth $1,706,144,000 after buying an additional 756,660 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on APP. Benchmark restated a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. UBS Group lowered their price objective on AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Evercore reissued a "buy" rating on shares of AppLovin in a research note on Friday, January 30th. Weiss Ratings cut AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $664.35.

AppLovin Stock Down 0.9%

APP stock opened at $481.68 on Friday. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $161.82 billion, a price-to-earnings ratio of 41.38, a PEG ratio of 0.79 and a beta of 2.37. The company has a 50 day moving average of $446.31 and a two-hundred day moving average of $523.95.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the business earned $1.67 EPS. The business's quarterly revenue was up 58.9% on a year-over-year basis. On average, equities analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 5,231 shares of the firm's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the completion of the sale, the chief technology officer directly owned 30,658 shares of the company's stock, valued at $14,638,275.26. This trade represents a 14.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the sale, the director directly owned 6,969,382 shares of the company's stock, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 365,244 shares of company stock valued at $169,584,607 in the last three months. Corporate insiders own 13.66% of the company's stock.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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