Capital Investment Advisory Services LLC Purchases Shares of 1,687 AppLovin Corporation (NASDAQ:APP)

Capital Investment Advisory Services LLC purchased a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,687 shares of the company's stock, valued at approximately $447,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC raised its stake in AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares during the period. Norges Bank acquired a new stake in AppLovin during the fourth quarter worth about $828,138,000. Arrowstreet Capital Limited Partnership raised its stake in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after acquiring an additional 2,373,885 shares during the period. Alliancebernstein L.P. raised its stake in AppLovin by 193.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after acquiring an additional 1,797,027 shares during the period. Finally, Capital World Investors acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $421,470,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on APP. Benchmark restated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Citigroup reiterated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. FBN Securities began coverage on shares of AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. Finally, UBS Group lifted their price target 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus price target of $438.43.

Insider Activity at AppLovin

In other news, CEO Arash Adam Foroughi sold 100,000 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. The trade was a 3.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of AppLovin 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 sale, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by company insiders.

AppLovin Stock Up 1.0%

Shares of NASDAQ:APP traded up $3.36 during trading on Monday, reaching $345.00. 3,155,375 shares of the company traded hands, compared to its average volume of 6,210,134. The firm has a market cap of $116.74 billion, a P/E ratio of 62.27, a price-to-earnings-growth ratio of 2.04 and a beta of 2.42. The firm has a fifty day simple moving average of $352.35 and a 200 day simple moving average of $334.14. 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 Corporation has a 1-year low of $60.67 and a 1-year high of $525.15.

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. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the firm posted $0.67 EPS. The business's revenue was up 40.3% compared to the same quarter last year. Analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal 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.