NorthCrest Asset Manangement LLC Acquires 1,279 Shares of AppLovin Co. (NASDAQ:APP)

NorthCrest Asset Manangement LLC boosted its position in AppLovin Co. (NASDAQ:APP - Free Report) by 146.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,153 shares of the company's stock after purchasing an additional 1,279 shares during the period. NorthCrest Asset Manangement LLC's holdings in AppLovin were worth $570,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in APP. Tcfg Wealth Management LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at $369,000. Capital Advisory Group Advisory Services LLC bought a new stake in AppLovin in the fourth quarter worth about $213,000. Peak Retirement Planning Inc. acquired a new stake in AppLovin in the 4th quarter valued at about $969,000. Parcion Private Wealth LLC bought a new position in shares of AppLovin during the 4th quarter valued at about $366,000. Finally, Handelsbanken Fonder AB grew its stake in shares of AppLovin by 162.0% in the 4th quarter. Handelsbanken Fonder AB now owns 110,022 shares of the company's stock worth $35,628,000 after purchasing an additional 68,022 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Up 1.7%

Shares of APP traded up $6.19 during midday trading on Monday, reaching $370.68. 3,537,214 shares of the stock were exchanged, compared to its average volume of 6,114,590. The company has a market cap of $125.43 billion, a price-to-earnings ratio of 81.65, a P/E/G ratio of 3.02 and a beta of 2.53. The firm has a 50 day simple moving average of $324.29 and a 200-day simple moving average of $334.22. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the company earned $0.67 earnings per share. The company's revenue was up 40.3% compared to the same quarter last year. Research analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Insider Buying and Selling

In related news, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the completion of the sale, the director now directly owns 9,510 shares of the company's stock, valued at approximately $3,637,194.60. This represents a 13.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 513 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the transaction, the director now owns 3,451 shares in the company, valued at $1,450,455.30. The trade was a 12.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on APP. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. The Goldman Sachs Group increased their price objective on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Jefferies Financial Group lifted their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Finally, Piper Sandler lifted their price target on AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $438.10.

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.