Cetera Investment Advisers Has $13.01 Million Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Key Points

• Cetera Investment Advisers increased its holdings in AppLovin Corporation by 44.6% in Q1, now owning 49,116 shares worth $13 million.
• Other institutional investors also boosted their stakes, with FMR LLC raising holdings by 75.5% and Dynasty Wealth Management reporting a massive 117,664.4% increase during the same quarter.
• AppLovin reported earnings of $1.67 per share, exceeding estimates and marking a 40.3% year-over-year revenue growth, with analysts projecting a consensus price target of $447.57.

Cetera Investment Advisers grew its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 44.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,116 shares of the company's stock after purchasing an additional 15,150 shares during the period. Cetera Investment Advisers' holdings in AppLovin were worth $13,014,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin during the 4th quarter worth $25,000. Atala Financial Inc acquired a new stake in shares of AppLovin in the 1st quarter worth approximately $26,000. ORG Wealth Partners LLC acquired a new stake in shares of AppLovin in the 1st quarter worth approximately $29,000. Alpine Bank Wealth Management acquired a new stake in AppLovin in the first quarter valued at $27,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in AppLovin in the first quarter valued at $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Activity

In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the transaction, the director owned 221,209 shares in the company, valued at $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the business'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 value of $12,294,648.24. Following the completion of the sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on APP. The Goldman Sachs Group increased their price objective on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Jefferies Financial Group raised their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their target price 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. Benchmark restated a "buy" rating and set a $525.00 target price on shares of AppLovin in a research report on Thursday, May 8th. Finally, BTIG Research raised their price objective on AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $447.57.

AppLovin Price Performance

Shares of APP stock traded up $1.68 during mid-day trading on Wednesday, hitting $363.31. 2,215,146 shares of the stock traded hands, compared to its average volume of 3,739,527. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The firm has a market cap of $122.94 billion, a price-to-earnings ratio of 65.58, a price-to-earnings-growth ratio of 2.15 and a beta of 2.42. The company's 50-day simple moving average is $362.17 and its 200-day simple moving average is $336.61. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm's quarterly revenue was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 earnings per share. As a group, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.