Cyndeo Wealth Partners LLC Purchases 1,355 Shares of AppLovin Corporation (NASDAQ:APP)

Cyndeo Wealth Partners LLC lifted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 71.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,252 shares of the company's stock after acquiring an additional 1,355 shares during the quarter. Cyndeo Wealth Partners LLC's holdings in AppLovin were worth $862,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. FMR LLC lifted its holdings in AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the period. SVB Wealth LLC bought a new position in shares of AppLovin in the 4th quarter worth approximately $1,781,922,000. Geode Capital Management LLC boosted its holdings in shares of AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after buying an additional 573,310 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after buying an additional 4,010,520 shares during the last quarter. Finally, Invesco Ltd. grew its position in AppLovin by 68.0% during the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after buying an additional 1,222,074 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In related news, CFO Matthew Stumpf sold 9,714 shares of the 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 transaction, the chief financial officer now owns 192,421 shares of the company's stock, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the sale, the director now owns 221,209 shares in the company, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on APP. The Goldman Sachs Group lifted their price target on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley lifted their target price on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. FBN Securities assumed coverage on AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target for the company. Arete Research set a $200.00 price objective on AppLovin in a research note on Wednesday, March 5th. Finally, UBS Group boosted their price objective on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $438.10.

AppLovin Price Performance

Shares of AppLovin stock traded down $19.67 during trading on Friday, reaching $324.70. 8,501,128 shares of the stock traded hands, compared to its average volume of 6,127,338. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The business has a fifty day simple moving average of $331.71 and a two-hundred day simple moving average of $334.73. The company has a market capitalization of $109.88 billion, a price-to-earnings ratio of 58.61, a P/E/G ratio of 2.00 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.67 EPS. Sell-side analysts expect that AppLovin Corporation will post 6.87 EPS 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.