Diversify Wealth Management LLC Makes New $2.60 Million Investment in AppLovin Corporation (NASDAQ:APP)

Diversify Wealth Management LLC bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,009 shares of the company's stock, valued at approximately $2,603,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kingswood Wealth Advisors LLC raised its stake in shares of AppLovin by 5.1% in the first 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 raised 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 valued at $45,675,000 after acquiring an additional 66,453 shares during the period. Yousif Capital Management LLC raised its stake in shares of AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after acquiring an additional 119 shares during the period. Peak Retirement Planning Inc. purchased a new stake in shares of AppLovin in the fourth quarter valued at $969,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of AppLovin by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after acquiring an additional 121 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction on 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 completion of the transaction, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on APP. Loop Capital restated a "buy" rating and issued a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. Citigroup restated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. The Goldman Sachs Group upped their price target on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Wells Fargo & Company upped their price target on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Finally, Scotiabank upgraded shares of AppLovin to a "strong-buy" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $438.43.

AppLovin Stock Performance

Shares of AppLovin stock traded down $11.22 during trading hours on Friday, hitting $335.10. 3,575,879 shares of the company were exchanged, compared to its average volume of 6,237,377. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The business has a 50-day moving average of $358.23 and a 200-day moving average of $334.33. The stock has a market capitalization of $113.39 billion, a price-to-earnings ratio of 60.49, a P/E/G ratio of 2.06 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 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 analysts' expectations of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company's quarterly revenue was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 earnings per share. As a group, analysts expect 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.