Northstar Advisory Group LLC Purchases Shares of 4,573 AppLovin Corporation $APP

Key Points

• Northstar Advisory Group LLC has purchased a new stake in AppLovin Corporation by acquiring 4,573 shares worth approximately $1.6 million.
• Director Herald Y. Chen sold 200,000 shares for about $86.5 million, significantly reducing his ownership by over 52%.
• Analysts maintain a consensus rating of "Moderate Buy" for AppLovin, with a current price target averaging $487.86.

Northstar Advisory Group LLC purchased a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,573 shares of the company's stock, valued at approximately $1,601,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Atala Financial Inc purchased a new position in AppLovin during the 1st quarter worth approximately $26,000. Alpine Bank Wealth Management purchased a new position in AppLovin during the 1st quarter worth approximately $27,000. ORG Wealth Partners LLC purchased a new position in AppLovin during the 1st quarter worth approximately $29,000. Bartlett & CO. Wealth Management LLC purchased a new position in AppLovin during the 1st quarter worth approximately $29,000. Finally, SouthState Corp purchased a new position in AppLovin during the 1st quarter worth approximately $29,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the transaction, the director directly owned 181,929 shares in the company, valued at approximately $78,682,473.21. This represents a 52.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer owned 2,620,054 shares in the company, valued at $1,103,147,536.16. The trade was a 3.32% 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 in the last three months. 13.66% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on APP. Piper Sandler boosted their price target on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Scotiabank restated an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. Citigroup restated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Jefferies Financial Group boosted their price target on shares of AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a report on Friday, September 5th. Two investment 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 assigned a Sell rating to the company's stock. According to data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and a consensus price target of $487.86.

AppLovin Price Performance

Shares of AppLovin stock opened at $582.00 on Monday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market capitalization of $196.86 billion, a price-to-earnings ratio of 82.67, a P/E/G ratio of 3.25 and a beta of 2.44. AppLovin Corporation has a 1-year low of $105.94 and a 1-year high of $587.88. The firm's 50-day moving average price is $424.50 and its two-hundred day moving average price is $353.86.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's quarterly revenue was up 77.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 earnings per share. On average, equities analysts predict that AppLovin Corporation will post 6.87 earnings per share 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.

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