LB Partners LLC Takes Position in AppLovin Corporation (NASDAQ:APP)

LB Partners LLC bought a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,500 shares of the company's stock, valued at approximately $666,000. AppLovin accounts for about 0.5% of LB Partners LLC's investment portfolio, making the stock its 17th largest position.

A number of other institutional investors have also added to or reduced their stakes in APP. HighPoint Advisor Group LLC grew its position in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after buying an additional 31 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after buying an additional 33 shares during the last quarter. Forum Financial Management LP grew its position in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after buying an additional 33 shares during the last quarter. Truvestments Capital LLC boosted its stake in AppLovin by 0.7% in the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after purchasing an additional 38 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in AppLovin by 13.4% in the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at $25,069,185.96. This represents a 32.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the sale, the chief executive officer owned 2,760,363 shares of the company's stock, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last ninety days. Company insiders own 13.66% of the company's stock.

AppLovin Trading Up 0.4%

APP stock traded up $1.30 during midday trading on Tuesday, reaching $346.30. The stock had a trading volume of 1,977,843 shares, compared to its average volume of 6,193,488. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The firm has a market cap of $117.18 billion, a price-to-earnings ratio of 62.51, a PEG ratio of 2.04 and a beta of 2.42. The business has a fifty day simple moving average of $353.55 and a two-hundred day simple moving average of $334.17.

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

Analyst Ratings Changes

A number of research firms recently commented on APP. Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. Benchmark reiterated a "buy" rating and issued a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. Oppenheimer reiterated an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Morgan Stanley lifted their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, Piper Sandler restated an "overweight" rating and set a $470.00 price objective (up from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $438.43.

AppLovin Company 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.