Axxcess Wealth Management LLC Purchases 4,949 Shares of AppLovin Corporation (NASDAQ:APP)

Axxcess Wealth Management LLC lifted its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 86.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,643 shares of the company's stock after purchasing an additional 4,949 shares during the quarter. Axxcess Wealth Management LLC's holdings in AppLovin were worth $2,820,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin during the 4th quarter valued at about $294,000. Proficio Capital Partners LLC acquired a new stake in AppLovin in the 4th quarter worth about $474,000. PNC Financial Services Group Inc. boosted its holdings in shares of AppLovin by 6.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,182 shares of the company's stock worth $2,650,000 after purchasing an additional 464 shares during the last quarter. Independent Advisor Alliance acquired a new position in shares of AppLovin during the 4th quarter worth approximately $518,000. Finally, Avantax Planning Partners Inc. purchased a new stake in shares of AppLovin during the 4th quarter valued at approximately $469,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 513 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the sale, the director directly owned 3,451 shares of the company's stock, valued at $1,450,455.30. This represents a 12.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew Stumpf sold 9,714 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the transaction, the chief financial officer owned 192,421 shares of the company's stock, valued at approximately $81,394,083. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by insiders.

AppLovin Stock Down 1.8%

AppLovin stock traded down $6.42 during trading hours on Thursday, hitting $346.32. The company had a trading volume of 5,618,175 shares, compared to its average volume of 6,232,579. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a market capitalization of $117.19 billion, a P/E ratio of 62.51, a price-to-earnings-growth ratio of 2.05 and a beta of 2.42. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm's fifty day moving average is $356.34 and its 200-day moving average is $334.37.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on APP shares. FBN Securities started coverage on AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Benchmark reissued a "buy" rating and issued a $525.00 target price on shares of AppLovin in a report on Thursday, May 8th. The Goldman Sachs Group increased their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, Oppenheimer reissued an "outperform" rating and issued a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $438.43.

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.