Keudell Morrison Wealth Management Buys New Position in AppLovin Corporation $APP

Key Points

• Keudell Morrison Wealth Management acquired a new position in AppLovin Corporation by purchasing 581 shares valued at approximately $203,000 during the second quarter.
• Despite some insider selling, hedge funds and institutional investors own 41.85% of AppLovin's stock, indicating strong institutional interest.
• AppLovin shares have been positively rated by analysts, with Jefferies increasing their target price from $560 to $615 and Benchmark raising it from $525 to $640, both maintaining a "buy" rating.

Keudell Morrison Wealth Management bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 581 shares of the company's stock, valued at approximately $203,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kingswood Wealth Advisors LLC lifted its stake in shares of AppLovin by 5.1% during the first 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 period. Wealth Enhancement Advisory Services LLC raised its holdings in AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after acquiring an additional 66,453 shares during the last quarter. Park Avenue Securities LLC lifted its stake 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 worth $7,313,000 after purchasing an additional 4,890 shares during the period. Yousif Capital Management LLC boosted its holdings in shares of AppLovin by 3.5% during the first 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 last quarter. Finally, IFM Investors Pty Ltd grew its position in shares of AppLovin by 15.6% in the second quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company's stock valued at $15,827,000 after purchasing an additional 6,104 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on APP shares. Jefferies Financial Group increased their target price on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Benchmark upped their price objective on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Wall Street Zen downgraded shares of AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Finally, Wells Fargo & Company lifted their price target on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, AppLovin has a consensus rating of "Moderate Buy" and an average target price of $578.86.

Insider Buying and Selling

In other news, Director Dawson Alyssa Harvey sold 350 shares of the 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 approximately $1,537,105.50. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the transaction, the chief technology officer directly owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock worth $514,863,333 over the last three months. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Price Performance

APP opened at $682.76 on Monday. AppLovin Corporation has a 52-week low of $135.50 and a 52-week high of $745.61. The company has a 50 day moving average of $514.58 and a two-hundred day moving average of $392.05. The company has a market cap of $230.94 billion, a P/E ratio of 96.98, a P/E/G ratio of 3.74 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 posted its 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. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the business posted $0.89 EPS. The business's quarterly revenue was up 77.1% on a year-over-year basis. On average, 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.

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