Essex LLC Invests $224,000 in AppLovin Corporation $APP

Key Points

• Essex LLC made a $224,000 investment in AppLovin Corporation, acquiring 640 shares during the second quarter, according to their recent 13F filing.
• AppLovin has received varied ratings from analysts, including a recent downgrade to "hold" by Wall Street Zen and a "buy" rating with a raised price target from UBS Group.
• In the last quarter, AppLovin insiders sold over 1.15 million shares worth approximately $514.86 million, representing a notable 13.66% of the company's stock owned by insiders.

Essex LLC acquired a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 640 shares of the company's stock, valued at approximately $224,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin in the 4th quarter worth approximately $294,000. Bison Wealth LLC purchased a new stake in AppLovin during the 4th quarter valued at about $239,000. Yousif Capital Management LLC boosted its stake in 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 purchasing an additional 119 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of AppLovin by 3.0% during the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after buying an additional 121 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in AppLovin by 174.5% in the first quarter. Fifth Third Bancorp now owns 269 shares of the company's stock worth $71,000 after purchasing an additional 171 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on APP. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. UBS Group raised their price objective on shares of AppLovin from $540.00 to $810.00 and gave the stock a "buy" rating in a report on Friday, September 26th. Phillip Securities upgraded shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. The Goldman Sachs Group reiterated a "neutral" rating and set a $630.00 price target on shares of AppLovin in a research note on Tuesday. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of AppLovin in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $600.59.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares in the company, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the completion of the sale, the director owned 3,150 shares in the company, valued at $1,537,105.50. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 in the last quarter. 13.66% of the stock is owned by company insiders.

AppLovin Price Performance

Shares of AppLovin stock opened at $602.30 on Thursday. The stock's 50-day simple moving average is $550.02 and its 200-day simple moving average is $406.92. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52 week low of $139.40 and a 52 week high of $745.61. The company has a market capitalization of $203.73 billion, a price-to-earnings ratio of 85.55, a PEG ratio of 3.20 and a beta of 2.53.

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

AppLovin 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.

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