Crossmark Global Holdings Inc. Boosts Holdings in AppLovin Corporation (NASDAQ:APP)

Crossmark Global Holdings Inc. raised its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 2,036.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,283 shares of the company's stock after purchasing an additional 39,351 shares during the period. Crossmark Global Holdings Inc.'s holdings in AppLovin were worth $10,939,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new position in AppLovin in the fourth quarter valued at approximately $294,000. Jones Financial Companies Lllp increased its stake in AppLovin by 509.9% in the fourth quarter. Jones Financial Companies Lllp now owns 1,903 shares of the company's stock valued at $616,000 after purchasing an additional 1,591 shares during the last quarter. State of Michigan Retirement System purchased a new position in AppLovin in the fourth quarter valued at approximately $1,263,000. Atria Investments Inc increased its stake in AppLovin by 70.7% in the fourth quarter. Atria Investments Inc now owns 7,507 shares of the company's stock valued at $2,431,000 after purchasing an additional 3,108 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of AppLovin during the fourth quarter worth approximately $474,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of NASDAQ:APP traded down $11.22 during midday trading on Friday, hitting $335.10. 3,575,879 shares of the stock were exchanged, compared to its average volume of 6,237,376. The stock has a market cap of $113.39 billion, a P/E ratio of 60.49, a PEG ratio of 2.06 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a 50 day moving average price of $358.23 and a 200-day moving average price of $334.33.

AppLovin (NASDAQ:APP - Get Free Report) last released 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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business's revenue was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.67 EPS. On average, research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of research reports. Jefferies Financial Group raised their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. Morgan Stanley raised their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. The Goldman Sachs Group raised their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $438.43.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 171,420 shares of AppLovin stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the sale, the director owned 221,209 shares in the company, valued at approximately $82,681,287.93. This trade represents a 43.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 34,766 shares of AppLovin 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 owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company's stock.

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.