Global Retirement Partners LLC Boosts Stake in AppLovin Corporation $APP

Key Points

• Global Retirement Partners LLC boosted its AppLovin stake by 327.9% in the fourth quarter, ending with 8,609 shares valued at about $5.8 million.
• AppLovin posted strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion, up 58.9% year over year.
• Wall Street sentiment remains constructive overall: the stock has a Moderate Buy consensus rating and an average price target of $664.35, despite some insider selling and mixed individual analyst targets.

Global Retirement Partners LLC increased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 327.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,609 shares of the company's stock after purchasing an additional 6,597 shares during the period. Global Retirement Partners LLC's holdings in AppLovin were worth $5,801,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Twin Capital Management Inc. raised its position in shares of AppLovin by 42.8% during the 4th quarter. Twin Capital Management Inc. now owns 4,385 shares of the company's stock worth $2,955,000 after purchasing an additional 1,314 shares during the last quarter. Mach 1 Financial Group LLC acquired a new position in shares of AppLovin during the 4th quarter worth about $1,104,000. Sierra Summit Advisors LLC raised its position in shares of AppLovin by 59.6% during the 4th quarter. Sierra Summit Advisors LLC now owns 18,486 shares of the company's stock worth $12,456,000 after purchasing an additional 6,901 shares during the last quarter. MJP Associates Inc. ADV raised its position in shares of AppLovin by 13.2% during the 4th quarter. MJP Associates Inc. ADV now owns 387 shares of the company's stock worth $261,000 after purchasing an additional 45 shares during the last quarter. Finally, Leonteq Securities AG acquired a new position in shares of AppLovin during the 4th quarter worth about $2,010,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Performance

AppLovin stock opened at $485.89 on Friday. The firm has a 50 day simple moving average of $445.90 and a 200-day simple moving average of $524.25. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market cap of $163.23 billion, a price-to-earnings ratio of 41.74, a price-to-earnings-growth ratio of 0.78 and a beta of 2.37.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the prior year, the company posted $1.67 EPS. The business's revenue for the quarter was up 58.9% on a year-over-year basis. On average, analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Wall Street Analyst Weigh In

APP has been the subject of several research analyst reports. Evercore restated a "buy" rating on shares of AppLovin in a research report on Friday, January 30th. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Needham & Company LLC restated a "buy" rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Jefferies Financial Group reduced their price target on shares of AppLovin from $860.00 to $700.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Finally, Argus began coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a "buy" rating and a $520.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $664.35.

Insider Activity

In other news, CTO Vasily Shikin sold 5,231 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total value of $2,497,645.57. Following the completion of the sale, the chief technology officer owned 30,658 shares of the company's stock, valued at $14,638,275.26. This represents a 14.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the completion of the sale, the director directly owned 6,969,382 shares of the company's stock, valued at approximately $3,160,545,043.18. This trade represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 365,244 shares of company stock valued at $169,584,607 in the last 90 days. Company insiders own 13.66% of the company's stock.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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