Navellier & Associates Inc. Takes Position in AppLovin Corporation (NASDAQ:APP)

Navellier & Associates Inc. bought a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,017 shares of the company's stock, valued at approximately $6,099,000. AppLovin accounts for 0.9% of Navellier & Associates Inc.'s portfolio, making the stock its 28th largest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HighPoint Advisor Group LLC increased its position in shares of AppLovin by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after purchasing an additional 31 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after acquiring an additional 33 shares in the last quarter. Forum Financial Management LP increased its holdings in AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares in the last quarter. Argentarii LLC increased its holdings in AppLovin by 1.5% in the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after acquiring an additional 40 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in AppLovin by 13.4% in the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after acquiring an additional 43 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. UBS Group increased their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Benchmark restated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. FBN Securities assumed coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target for the company. Scotiabank upgraded AppLovin to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Wedbush upgraded AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $447.57.

AppLovin Trading Up 1.2%

Shares of NASDAQ:APP traded up $4.20 on Friday, hitting $364.14. 2,880,710 shares of the company's stock were exchanged, compared to its average volume of 4,896,801. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The stock has a market capitalization of $123.22 billion, a price-to-earnings ratio of 65.73, a price-to-earnings-growth ratio of 2.14 and a beta of 2.42. The business's 50 day simple moving average is $362.09 and its two-hundred day simple moving average is $335.79. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68.

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 the consensus estimate 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 the consensus estimate of $1.38 billion. During the same period last year, the company earned $0.67 earnings per share. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. Analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, Director Dawson Alyssa Harvey sold 513 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Vasily Shikin sold 34,766 shares of the firm'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 transaction, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is 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.