Legal Advantage Investments Inc. Boosts Holdings in AppLovin Corporation $APP

Key Points

• Legal Advantage Investments Inc. increased its AppLovin stake by 46.7% in the first quarter, buying 2,510 additional shares and bringing its total to 7,885 shares worth about $3.14 million.
• Insiders have been selling shares, including CEO? No—insider Victoria Valenzuela sold 20,000 shares and CFO Matthew Stumpf sold 9,052 shares; over the past 90 days, insiders sold 389,924 shares valued at about $195.7 million.
• AppLovin beat earnings expectations in its latest quarter, reporting $3.56 EPS on $1.84 billion in revenue, while analysts currently maintain a Moderate Buy consensus with a $669.62 average price target.

Legal Advantage Investments Inc. boosted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 46.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,885 shares of the company's stock after acquiring an additional 2,510 shares during the period. AppLovin accounts for about 1.6% of Legal Advantage Investments Inc.'s holdings, making the stock its 26th biggest position. Legal Advantage Investments Inc.'s holdings in AppLovin were worth $3,138,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund bought a new stake in shares of AppLovin in the 4th quarter worth approximately $27,000. Washington Trust Advisors Inc. grew its holdings in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. purchased a new stake in AppLovin in the fourth quarter worth $27,000. Laurel Wealth Advisors LLC purchased a new stake in AppLovin in the fourth quarter worth $32,000. Finally, CENTRAL TRUST Co raised its stake in shares of AppLovin by 41.3% in the first quarter. CENTRAL TRUST Co now owns 89 shares of the company's stock valued at $35,000 after buying an additional 26 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Victoria Valenzuela sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer directly owned 177,450 shares of the company's stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 389,924 shares of company stock valued at $195,693,875. 13.66% of the stock is currently owned by insiders.

AppLovin Price Performance

AppLovin stock opened at $467.02 on Wednesday. AppLovin Corporation has a one year low of $325.58 and a one year high of $745.61. The business has a fifty day moving average price of $495.55 and a 200-day moving average price of $514.39. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a market capitalization of $156.89 billion, a P/E ratio of 40.12, a PEG ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm's quarterly revenue was up 58.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.67 earnings per share. As a group, equities research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Monday. Arete Research set a $340.00 price objective on AppLovin and gave the stock a "neutral" rating in a report on Monday, March 2nd. Benchmark restated a "buy" rating on shares of AppLovin in a research note on Wednesday, June 10th. Weiss Ratings downgraded shares of AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 7th. Finally, Wells Fargo & Company increased their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $669.62.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.