Chicago Partners Investment Group LLC Acquires New Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Chicago Partners Investment Group LLC acquired a new stake in AppLovin Corporation, purchasing 1,190 shares valued at approximately $315,000 during the first quarter of the year.
• Wall Street analysts have a consensus rating of "Moderate Buy" for AppLovin, with a target price averaging around $472.33.
• AppLovin reported strong earnings results, posting an EPS of $2.26 for the last quarter, exceeding the expected EPS of $2.05, and demonstrating a year-over-year revenue increase of 77.1%.

Chicago Partners Investment Group 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 SEC. The firm purchased 1,190 shares of the company's stock, valued at approximately $315,000.

Several other hedge funds have also recently added to or reduced their stakes in APP. Fuller & Thaler Asset Management Inc. bought a new position in AppLovin during the fourth quarter worth $25,000. Atala Financial Inc bought a new stake in AppLovin in the first quarter valued at $26,000. Alpine Bank Wealth Management acquired a new position in shares of AppLovin during the first quarter valued at about $27,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin during the 1st quarter worth about $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in shares of AppLovin in the 1st quarter valued at about $29,000. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the sale, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the sale, the chief financial officer owned 192,421 shares in the company, valued at $81,394,083. This represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 400,398 shares of company stock worth $151,712,641 in the last ninety days. Corporate insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on APP shares. Scotiabank raised their target price on AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Piper Sandler raised their target price on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Jefferies Financial Group lifted their price target on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $472.33.

AppLovin Stock Performance

Shares of NASDAQ:APP traded down $12.08 during midday trading on Thursday, reaching $434.32. The company had a trading volume of 3,921,617 shares, compared to its average volume of 7,176,763. The company's 50 day moving average price is $370.02 and its 200 day moving average price is $342.07. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $146.97 billion, a P/E ratio of 61.69, a P/E/G ratio of 2.61 and a beta of 2.43. AppLovin Corporation has a 52-week low of $82.51 and a 52-week high of $525.15.

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