Chung Wu Investment Group LLC Acquires Shares of 1,020 AppLovin Corporation $APP

Key Points

• Chung Wu Investment Group LLC has acquired a new stake by purchasing 1,020 shares of AppLovin Corporation, valued at approximately $357,000.
• Significant institutional investors, including Wealth Enhancement Advisory Services LLC, increased their holdings in AppLovin, with their stake rising by 62.7%.
• Analysts have raised their price targets for AppLovin's stock, with Bank of America now at $860, indicating strong market confidence in the company's future performance.

Chung Wu Investment Group LLC bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,020 shares of the company's stock, valued at approximately $357,000.

Other institutional investors have also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC raised its stake in AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after acquiring an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares in the last quarter. Park Avenue Securities LLC raised its position in shares of AppLovin by 30.6% in the second quarter. Park Avenue Securities LLC now owns 20,890 shares of the company's stock valued at $7,313,000 after purchasing an additional 4,890 shares during the period. Yousif Capital Management LLC lifted its stake in shares of AppLovin by 3.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after buying an additional 119 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its stake in shares of AppLovin by 15.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company's stock valued at $15,827,000 after buying an additional 6,104 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Bank of America boosted their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday, October 1st. Scotiabank reiterated an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Weiss Ratings restated a "buy (b-)" rating on shares of AppLovin in a research note on Saturday, September 27th. Benchmark upped their price target on AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Finally, Morgan Stanley increased their price target on shares of AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $578.86.

Insider Buying and Selling at AppLovin

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

AppLovin Trading Down 0.1%

Shares of APP stock opened at $682.76 on Monday. The business has a 50-day moving average price of $514.58 and a two-hundred day moving average price of $392.05. AppLovin Corporation has a 12-month low of $135.50 and a 12-month high of $745.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market cap of $230.94 billion, a P/E ratio of 96.98, a price-to-earnings-growth ratio of 3.74 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. The company had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.AppLovin's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period last year, the firm posted $0.89 EPS. Equities analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal 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.

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