Berkshire Capital Holdings Inc. Has $10.24 Million Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Key Points

• Berkshire Capital Holdings Inc. increased its stake in AppLovin Corporation by 8.6% in the first quarter, holding 38,650 shares valued at approximately $10.24 million, making it the firm’s 10th largest holding.
• Several analysts have upgraded their price targets for AppLovin, with a consensus average price target of $472.33, and a majority rating it as a "Moderate Buy."
• Insider activity showed significant stock sales by key executives, including the CTO and CEO, with over 925,000 shares sold valued at approximately $392 million in the last three months.

Berkshire Capital Holdings Inc. lifted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,650 shares of the company's stock after acquiring an additional 3,060 shares during the period. AppLovin makes up about 4.9% of Berkshire Capital Holdings Inc.'s holdings, making the stock its 10th largest holding. Berkshire Capital Holdings Inc.'s holdings in AppLovin were worth $10,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Affinity Investment Advisors LLC boosted its holdings in shares of AppLovin by 20.0% in the first quarter. Affinity Investment Advisors LLC now owns 4,540 shares of the company's stock worth $1,203,000 after acquiring an additional 756 shares during the period. Steward Partners Investment Advisory LLC raised its position in AppLovin by 3,816.1% during the first quarter. Steward Partners Investment Advisory LLC now owns 67,318 shares of the company's stock valued at $17,837,000 after purchasing an additional 65,599 shares in the last quarter. Roberts Capital Advisors LLC purchased a new stake in AppLovin during the first quarter valued at about $573,000. Gen Wealth Partners Inc purchased a new position in shares of AppLovin in the first quarter worth about $147,000. Finally, American Century Companies Inc. increased its holdings in shares of AppLovin by 13.9% in the first quarter. American Century Companies Inc. now owns 1,134,842 shares of the company's stock worth $300,699,000 after buying an additional 138,063 shares during the period. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Morgan Stanley raised their target price on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. BTIG Research boosted their price objective on shares of AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wells Fargo & Company increased their price target on AppLovin from $405.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Jefferies Financial Group upped their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average price target of $472.33.

AppLovin Stock Performance

AppLovin stock opened at $438.68 on Friday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a 1-year low of $82.51 and a 1-year high of $525.15. The firm has a market capitalization of $148.38 billion, a P/E ratio of 62.31, a price-to-earnings-growth ratio of 2.45 and a beta of 2.43. The company's 50-day moving average is $370.82 and its 200 day moving average is $343.07.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's quarterly revenue was up 77.1% compared to the same quarter last year. During the same period last year, the company posted $0.89 earnings per share. Research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This trade represents a 32.91% 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, CEO Arash Adam Foroughi sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer directly owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 925,398 shares of company stock valued at $392,582,738. 13.66% of the stock is owned by insiders.

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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