Left Brain Wealth Management LLC Has $2.51 Million Holdings in AppLovin Corporation (NASDAQ:APP)

Left Brain Wealth Management LLC trimmed its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 41.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,472 shares of the company's stock after selling 6,805 shares during the quarter. Left Brain Wealth Management LLC's holdings in AppLovin were worth $2,510,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Reyes Financial Architecture Inc. lifted its holdings in shares of AppLovin by 17.7% during the 1st quarter. Reyes Financial Architecture Inc. now owns 877 shares of the company's stock valued at $232,000 after purchasing an additional 132 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of AppLovin by 3.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 22,600 shares of the company's stock valued at $5,988,000 after acquiring an additional 800 shares during the period. Stephens Inc. AR boosted its holdings in AppLovin by 10.8% in the 1st quarter. Stephens Inc. AR now owns 8,004 shares of the company's stock worth $2,121,000 after buying an additional 780 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in AppLovin by 41.7% in the 1st quarter. New York State Common Retirement Fund now owns 213,335 shares of the company's stock worth $56,527,000 after buying an additional 62,800 shares during the last quarter. Finally, FDx Advisors Inc. lifted its stake in AppLovin by 23.4% in the 1st quarter. FDx Advisors Inc. now owns 3,759 shares of the company's stock worth $996,000 after purchasing an additional 714 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on APP shares. The Goldman Sachs Group lifted their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. UBS Group boosted their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. Piper Sandler restated an "overweight" rating and issued a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $438.43.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the sale, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the transaction, the director owned 221,209 shares in the company, valued at approximately $82,867,103.49. This represents a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 over the last ninety days. 13.66% of the stock is owned by corporate insiders.

AppLovin Trading Up 6.2%

Shares of NASDAQ:APP traded up $20.80 during trading on Monday, hitting $355.90. 6,295,826 shares of the company's stock were exchanged, compared to its average volume of 6,254,922. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a 50-day moving average price of $358.23 and a two-hundred day moving average price of $334.19. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The firm has a market cap of $120.43 billion, a P/E ratio of 64.24, a PEG ratio of 2.00 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business's revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 earnings per share. Equities analysts predict 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.