Lee Johnson Capital Management LLC Takes $2.90 Million Position in AppLovin Corporation (NASDAQ:APP)

Lee Johnson Capital Management LLC bought a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,958 shares of the company's stock, valued at approximately $2,904,000. AppLovin accounts for about 1.5% of Lee Johnson Capital Management LLC's holdings, making the stock its 24th largest holding.

Several other hedge funds have also recently made changes to their positions in the business. Fuller & Thaler Asset Management Inc. bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $25,000. Tucker Asset Management LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $28,000. Atala Financial Inc bought a new stake in AppLovin in the first quarter worth $26,000. ORG Wealth Partners LLC bought a new stake in AppLovin in the first quarter worth $29,000. Finally, Alpine Bank Wealth Management bought a new stake in AppLovin in the first quarter worth $27,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APP has been the topic of several analyst reports. Jefferies Financial Group boosted their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. boosted their target price on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Piper Sandler restated an "overweight" rating and issued a $470.00 price target (up previously from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. Finally, Scotiabank started coverage on AppLovin in a research note on Monday. They issued an "outperform" rating and a $430.00 price target for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Stock Performance

Shares of APP opened at $345.00 on Tuesday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The business has a 50-day simple moving average of $353.55 and a two-hundred day simple moving average of $334.17. The stock has a market cap of $116.74 billion, a price-to-earnings ratio of 62.27, a PEG ratio of 2.04 and a beta of 2.42. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15.

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. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter in the prior year, the business posted $0.67 earnings per share. The business's quarterly revenue was up 40.3% on a year-over-year basis. On average, analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity

In related news, Director Dawson Alyssa Harvey sold 513 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director owned 3,451 shares in the company, valued at approximately $1,450,455.30. This trade represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew Stumpf sold 9,714 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $423.00, for a total value of $4,109,022.00. Following the transaction, the chief financial officer owned 192,421 shares of the company's stock, valued at $81,394,083. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock valued at $455,062,980 in the last three months. 13.66% of the stock is currently owned by insiders.

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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