LB Partners LLC Purchases Shares of 2,500 AppLovin Corporation (NASDAQ:APP)

LB Partners LLC purchased a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,500 shares of the company's stock, valued at approximately $666,000. AppLovin makes up approximately 0.5% of LB Partners LLC's portfolio, making the stock its 17th biggest position.

A number of other institutional investors and hedge funds have also modified their holdings of the company. HighPoint Advisor Group LLC lifted its holdings in AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after purchasing an additional 31 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after buying an additional 33 shares during the last quarter. Forum Financial Management LP boosted its position in AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares during the last quarter. Truvestments Capital LLC boosted its position in AppLovin by 0.7% during the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after acquiring an additional 38 shares during the last quarter. Finally, Versant Capital Management Inc grew 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 acquiring an additional 43 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Up 0.1%

Shares of APP traded up $0.34 during midday trading on Monday, hitting $341.98. The company had a trading volume of 1,013,026 shares, compared to its average volume of 6,203,461. 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 52 week low of $60.67 and a 52 week high of $525.15. The company's 50 day moving average price is $352.35 and its 200 day moving average price is $334.14. The stock has a market cap of $115.72 billion, a price-to-earnings ratio of 62.18, a PEG ratio of 2.04 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm 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 for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.67 earnings per share. On average, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 100,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was 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 directly owned 2,760,363 shares in the company, valued at $1,014,461,006.13. This represents a 3.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the sale, the director owned 221,209 shares in the company, valued at $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Corporate insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on APP shares. Jefferies Financial Group upped their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. Piper Sandler reiterated an "overweight" rating and issued a $470.00 price target (up previously from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Citigroup restated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $438.85.

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.