Inspire Advisors LLC Makes New $536,000 Investment in AppLovin Corporation (NASDAQ:APP)

Key Points

• Inspire Advisors LLC has made a new investment in AppLovin Corporation, acquiring 2,022 shares valued at approximately $536,000 during the first quarter of the year.
• AppLovin's stock price recently traded down by $9.33 to $361.63, while the company reported a 40.3% increase in quarterly revenue compared to the same period last year.
• Equity analysts have set a consensus target price of $447.57 for AppLovin, with several firms upgrading their ratings and price targets following the company’s earnings report.

Inspire Advisors LLC bought a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,022 shares of the company's stock, valued at approximately $536,000.

Other hedge funds have also modified their holdings of the company. Kingswood Wealth Advisors LLC raised its stake in AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of AppLovin by 62.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after purchasing an additional 66,453 shares during the period. Yousif Capital Management LLC grew its holdings in shares of AppLovin by 3.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after purchasing an additional 119 shares during the period. Peak Retirement Planning Inc. purchased a new stake in shares of AppLovin during the 4th quarter worth about $969,000. Finally, Assenagon Asset Management S.A. boosted its holdings in AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after acquiring an additional 121 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APP has been the subject of several research analyst reports. Wall Street Zen upgraded AppLovin from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Scotiabank raised AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. Wells Fargo & Company raised their target price on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Finally, Morgan Stanley increased their price target on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $447.57.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares of the company's stock, valued at $1,014,461,006.13. This represents a 3.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the transaction, the director directly owned 221,209 shares of the company's stock, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 over the last 90 days. Company insiders own 13.66% of the company's stock.

AppLovin Stock Down 3.2%

NASDAQ APP traded down $12.31 during mid-day trading on Friday, reaching $378.39. The stock had a trading volume of 4,064,119 shares, compared to its average volume of 7,088,460. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The stock has a market cap of $128.04 billion, a PE ratio of 68.36, a price-to-earnings-growth ratio of 2.16 and a beta of 2.42. The company has a fifty day moving average price of $362.95 and a 200 day moving average price of $337.13. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68.

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