Linden Thomas Advisory Services LLC Increases Stock Position in AppLovin Corporation (NASDAQ:APP)

Linden Thomas Advisory Services LLC raised its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 5.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,491 shares of the company's stock after purchasing an additional 1,097 shares during the period. AppLovin accounts for about 0.7% of Linden Thomas Advisory Services LLC's holdings, making the stock its 14th biggest position. Linden Thomas Advisory Services LLC's holdings in AppLovin were worth $5,430,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of APP. New Insight Wealth Advisors lifted its position in AppLovin by 11.1% during the first quarter. New Insight Wealth Advisors now owns 873 shares of the company's stock valued at $231,000 after purchasing an additional 87 shares during the last quarter. Valeo Financial Advisors LLC bought a new stake in AppLovin during the first quarter valued at approximately $2,407,000. Stratos Wealth Partners LTD. lifted its position in AppLovin by 5.4% during the first quarter. Stratos Wealth Partners LTD. now owns 8,601 shares of the company's stock valued at $2,279,000 after purchasing an additional 441 shares during the last quarter. Lee Johnson Capital Management LLC bought a new stake in AppLovin during the first quarter valued at approximately $2,904,000. Finally, EULAV Asset Management bought a new stake in shares of AppLovin in the 1st quarter worth approximately $3,978,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 3.7%

Shares of NASDAQ:APP traded down $12.94 during midday trading on Thursday, reaching $339.80. The company's stock had a trading volume of 2,819,572 shares, compared to its average volume of 6,206,409. The firm has a 50 day moving average of $356.34 and a 200-day moving average of $334.37. The firm has a market capitalization of $114.98 billion, a P/E ratio of 61.38, a PEG ratio of 2.05 and a beta of 2.42. 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 12-month low of $60.67 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm earned $0.67 EPS. The company's revenue was up 40.3% compared to the same quarter last year. On average, research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on APP shares. Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Jefferies Financial Group boosted their target price on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. FBN Securities began coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, Loop Capital reissued a "buy" rating and issued a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $438.43.

Insider Activity at AppLovin

In related news, Director Herald Y. Chen sold 100,000 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the sale, the director directly owned 181,929 shares of the company's stock, valued at approximately $76,393,806.39. This represents a 35.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director directly owned 9,510 shares in the company, valued at $3,637,194.60. This trade represents a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last ninety days. 13.66% of the stock is currently owned by company insiders.

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.