Lifestyle Asset Management Inc. Makes New Investment in AppLovin Corporation $APP

Key Points

• Lifestyle Asset Management Inc. has initiated a new investment in AppLovin Corporation, acquiring 5,193 shares valued at approximately $1.8 million, which constitutes 0.8% of its total holdings.
• Analysts are optimistic about AppLovin, with Wedbush raising the target price to $725 and a consensus rating of "Moderate Buy" based on twenty-four ratings from various research firms.
• Insider sales include significant transactions by Director Alyssa Harvey and CTO Vasily Shikin, with a notable 1.16 million shares valued at over $500 million sold by insiders in the last quarter.

Lifestyle Asset Management Inc. purchased a new position in AppLovin Corporation (NASDAQ:APP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,193 shares of the company's stock, valued at approximately $1,818,000. AppLovin makes up 0.8% of Lifestyle Asset Management Inc.'s holdings, making the stock its 24th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kingswood Wealth Advisors LLC increased its position in AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after buying an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after buying an additional 66,453 shares in the last quarter. Yousif Capital Management LLC grew its position in shares of AppLovin by 3.5% during the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after purchasing an additional 119 shares in the last quarter. Peak Retirement Planning Inc. purchased a new stake in shares of AppLovin during the fourth quarter worth about $969,000. Finally, Assenagon Asset Management S.A. grew its position in shares of AppLovin by 3.0% during the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after purchasing an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on APP. Wedbush increased their target price on AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a research report on Friday. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Zacks Research upgraded AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Finally, BTIG Research increased their target price on AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $501.95.

Insider Buying and Selling

In other news, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares of the company's stock, valued at $1,537,105.50. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. Company insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of AppLovin stock opened at $593.14 on Tuesday. The stock has a 50 day moving average of $429.47 and a 200 day moving average of $355.73. AppLovin Corporation has a 12 month low of $110.90 and a 12 month high of $595.27. The firm has a market cap of $200.63 billion, a PE ratio of 84.25, a PEG ratio of 3.25 and a beta of 2.44. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company earned $0.89 earnings per share. The firm's revenue was up 77.1% on a year-over-year basis. On average, research analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal 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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.