Callan Family Office LLC Grows Position in AppLovin Corporation $APP

Key Points

• Callan Family Office LLC increased its stake in AppLovin Corporation by 185.7% during the second quarter, holding 8,521 shares valued at approximately $2.98 million.
• Multiple analysts have raised their price targets for AppLovin, with BTIG Research setting a new target of $664.00 and UBS Group increasing theirs to $810.00, maintaining a "buy" rating.
• Insiders at AppLovin have sold over 1.15 million shares in the past 90 days, amounting to a total value of around $514.86 million.

Callan Family Office LLC grew its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 185.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,521 shares of the company's stock after purchasing an additional 5,538 shares during the period. Callan Family Office LLC's holdings in AppLovin were worth $2,983,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of APP. Hilltop National Bank acquired a new position in shares of AppLovin during the 2nd quarter worth approximately $26,000. Atala Financial Inc acquired a new position in shares of AppLovin during the 1st quarter worth approximately $26,000. Hoey Investments Inc. acquired a new position in shares of AppLovin during the 2nd quarter worth approximately $35,000. Trust Co. of Vermont acquired a new position in shares of AppLovin during the 2nd quarter worth approximately $35,000. Finally, ORG Wealth Partners LLC acquired a new position in shares of AppLovin during the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

APP has been the subject of several research analyst reports. BTIG Research upped their target price on AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Jefferies Financial Group upped their target price on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. UBS Group upped their target price on AppLovin from $540.00 to $810.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. Wedbush increased their price objective on AppLovin from $725.00 to $745.00 and gave the company an "outperform" rating in a research note on Monday, October 6th. Finally, Oppenheimer set a $740.00 price objective on AppLovin in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $597.38.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares of the company's stock, valued at $1,537,105.50. This trade represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock valued at $514,863,333 over the last 90 days. Insiders own 13.66% of the company's stock.

AppLovin Stock Down 5.1%

Shares of APP opened at $569.89 on Friday. AppLovin Corporation has a 52-week low of $139.40 and a 52-week high of $745.61. The company has a market capitalization of $192.77 billion, a PE ratio of 80.95, a price-to-earnings-growth ratio of 3.26 and a beta of 2.53. The stock has a fifty day simple moving average of $537.64 and a two-hundred day simple moving average of $400.57. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results 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. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the company earned $0.89 EPS. The company's revenue for the quarter was up 77.1% on a year-over-year basis. As a group, equities analysts forecast that AppLovin Corporation will post 6.87 EPS for the current 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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