Bosman Wealth Management LLC Purchases New Stake in AppLovin Corporation (NASDAQ:APP)

Bosman Wealth Management LLC purchased a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,799 shares of the company's stock, valued at approximately $3,126,000. AppLovin comprises 3.2% of Bosman Wealth Management LLC's investment portfolio, making the stock its 12th biggest holding.

Several other hedge funds have also recently modified their holdings of the stock. Cerity Partners LLC lifted its position in AppLovin by 18.7% in the first quarter. Cerity Partners LLC now owns 20,960 shares of the company's stock valued at $5,554,000 after purchasing an additional 3,300 shares during the period. Arcus Capital Partners LLC acquired a new stake in shares of AppLovin in the 1st quarter valued at approximately $244,000. Allworth Financial LP boosted its stake in shares of AppLovin by 25.9% in the first quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $229,000 after buying an additional 176 shares in the last quarter. Bridges Investment Management Inc. boosted its stake in shares of AppLovin by 58.8% in the first quarter. Bridges Investment Management Inc. now owns 1,678 shares of the company's stock valued at $445,000 after buying an additional 621 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in AppLovin by 43.6% during the first quarter. Nisa Investment Advisors LLC now owns 19,510 shares of the company's stock worth $5,170,000 after acquiring an additional 5,926 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

APP has been the topic of several research analyst reports. UBS Group boosted their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Morgan Stanley boosted their price objective on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Loop Capital reissued a "buy" rating and set a $650.00 price target on shares of AppLovin in a research note on Friday, March 28th. Finally, Benchmark restated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $438.43.

AppLovin Trading Down 3.2%

Shares of APP traded down $11.22 on Friday, hitting $335.10. 3,575,879 shares of the stock traded hands, compared to its average volume of 6,254,586. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The stock's 50 day moving average is $358.23 and its two-hundred day moving average is $334.28. The firm has a market capitalization of $113.39 billion, a P/E ratio of 60.49, a P/E/G ratio of 2.00 and a beta of 2.42. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 EPS. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. This represents a 32.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction on Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the transaction, the director owned 3,451 shares in the company, valued at approximately $1,450,455.30. This trade represents a 12.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

About AppLovin

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.