Janney Montgomery Scott LLC Acquires 11,193 Shares of AppLovin Corporation $APP

Key Points

• Janney Montgomery Scott LLC increased its stake in AppLovin Corporation by 28.4%, acquiring an additional 11,193 shares, bringing its total holdings to 50,653 shares valued at approximately $17.73 million.
• AppLovin's quarterly earnings reached $2.26 per share, surpassing estimates, with revenues of $1.26 billion, demonstrating a 77.1% year-over-year increase.
• Analysts have set a consensus target price for AppLovin at approximately $578.86, with ratings that include 19 buy ratings and 2 strong buy ratings.

Janney Montgomery Scott LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 28.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,653 shares of the company's stock after buying an additional 11,193 shares during the period. Janney Montgomery Scott LLC's holdings in AppLovin were worth $17,733,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC lifted its position in shares of AppLovin by 5.1% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after buying an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position 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 valued at $45,675,000 after buying an additional 66,453 shares during the last quarter. Park Avenue Securities LLC lifted its position in shares of AppLovin by 30.6% during the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company's stock valued at $7,313,000 after buying an additional 4,890 shares during the last quarter. Yousif Capital Management LLC lifted its position 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 valued at $939,000 after buying an additional 119 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its position in shares of AppLovin by 15.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company's stock valued at $15,827,000 after buying an additional 6,104 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

NASDAQ:APP opened at $683.64 on Friday. The business's 50-day moving average price is $508.20 and its two-hundred day moving average price is $388.02. AppLovin Corporation has a twelve month low of $130.54 and a twelve month high of $745.61. The stock has a market cap of $231.24 billion, a P/E ratio of 97.11, a PEG ratio of 3.86 and a beta of 2.53. 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 (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company's revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.89 EPS. As a group, equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Activity

In other news, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the transaction, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total value of $58,250,000.00. Following the transaction, the director owned 7,283,292 shares in the company, valued at $3,394,014,072. This trade represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on APP. Wedbush upped their price target on AppLovin from $620.00 to $725.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Zacks Research raised AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Jefferies Financial Group increased their price objective on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Phillip Securities raised AppLovin to a "moderate buy" rating in a report on Monday. Finally, Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $578.86.

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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