Norden Group LLC Raises Position in AppLovin Corporation $APP

Norden Group LLC boosted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 22.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,117 shares of the company's stock after buying an additional 392 shares during the period. Norden Group LLC's holdings in AppLovin were worth $741,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in APP. Atala Financial Inc acquired a new stake in shares of AppLovin in the first quarter worth approximately $26,000. Hoey Investments Inc. purchased a new position in AppLovin in the 2nd quarter valued at $35,000. ORG Wealth Partners LLC purchased a new position in AppLovin in the 1st quarter valued at $29,000. Alpine Bank Wealth Management acquired a new stake in AppLovin during the 1st quarter worth $27,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new stake in shares of AppLovin during the first quarter worth $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Performance

AppLovin stock opened at $639.91 on Friday. The firm has a 50 day simple moving average of $474.49 and a 200-day simple moving average of $373.64. The stock has a market cap of $216.45 billion, a price-to-earnings ratio of 90.90, a price-to-earnings-growth ratio of 3.55 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a 1-year low of $125.62 and a 1-year high of $670.19.

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

Insiders Place Their Bets

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the transaction, the director owned 181,929 shares of the company's stock, valued at $78,682,473.21. This represents a 52.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,156,788 shares of company stock worth $514,863,333. Corporate insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on APP shares. Benchmark raised their price target on shares of AppLovin from $525.00 to $640.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Morgan Stanley upped their price objective on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Jefferies Financial Group raised their target price on shares of AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Scotiabank restated an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. Finally, BTIG Research upped their price target on AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Two 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $513.38.

AppLovin 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.

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