EdgeRock Capital LLC Acquires New Position in AppLovin Co. (NASDAQ:APP)

EdgeRock Capital LLC purchased a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 909 shares of the company's stock, valued at approximately $241,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co grew its stake in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after buying an additional 82 shares during the last quarter. Tucker Asset Management LLC acquired a new stake in AppLovin during the 4th quarter worth approximately $28,000. Hemington Wealth Management lifted its position in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock worth $29,000 after acquiring an additional 40 shares during the period. Finally, Smithfield Trust Co acquired a new stake in AppLovin during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 6,585 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the transaction, the insider now owns 357,903 shares in the company, valued at $132,506,427.69. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Craig Scott Billings sold 12,000 shares of AppLovin stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $353.12, for a total value of $4,237,440.00. Following the sale, the director now directly owns 2,987 shares in the company, valued at approximately $1,054,769.44. The trade was a 80.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on APP. Piper Sandler increased their price objective on AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Arete Research set a $200.00 price objective on AppLovin in a research report on Wednesday, March 5th. Jefferies Financial Group increased their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Loop Capital reaffirmed a "buy" rating and set a $650.00 price objective on shares of AppLovin in a research report on Friday, March 28th. Finally, JPMorgan Chase & Co. increased their price objective on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus price target of $438.10.

AppLovin Price Performance

AppLovin stock traded down $16.09 during mid-day trading on Friday, hitting $364.49. 4,342,573 shares of the company were exchanged, compared to its average volume of 6,124,940. The company has a market capitalization of $123.34 billion, a P/E ratio of 80.28, a PEG ratio of 3.02 and a beta of 2.53. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The business's 50 day simple moving average is $324.29 and its two-hundred day simple moving average is $334.18.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts' consensus estimates 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 188.55% and a net margin of 33.54%. The business's revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.67 earnings per share. Analysts forecast that AppLovin Co. will post 6.87 earnings per share 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.