OneAscent Financial Services LLC Increases Stock Position in AppLovin Corporation (NASDAQ:APP)

OneAscent Financial Services LLC increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,748 shares of the company's stock after buying an additional 919 shares during the period. OneAscent Financial Services LLC's holdings in AppLovin were worth $1,034,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in APP. Morse Asset Management Inc acquired a new position in AppLovin during the first quarter worth $106,000. AustralianSuper Pty Ltd grew its position in AppLovin by 35.2% during the first quarter. AustralianSuper Pty Ltd now owns 243,884 shares of the company's stock valued at $64,622,000 after acquiring an additional 63,464 shares during the period. Copperwynd Financial LLC acquired a new position in shares of AppLovin in the first quarter worth about $2,131,000. Private Advisor Group LLC raised its stake in AppLovin by 5.1% during the first quarter. Private Advisor Group LLC now owns 10,641 shares of the company's stock valued at $2,820,000 after buying an additional 521 shares in the last quarter. Finally, Hollencrest Capital Management bought a new position in AppLovin in the 1st quarter worth approximately $164,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on APP shares. FBN Securities initiated coverage on AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 target price on the stock. Scotiabank raised shares of AppLovin to a "strong-buy" rating in a report on Tuesday, July 8th. Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. Finally, Piper Sandler reissued an "overweight" rating and issued a $470.00 price target (up previously from $455.00) on shares of AppLovin in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $447.57.

AppLovin Price Performance

NASDAQ APP traded down $3.19 on Thursday, reaching $358.93. The company had a trading volume of 1,272,663 shares, compared to its average volume of 7,218,240. The firm's 50 day moving average price is $362.19 and its 200 day moving average price is $335.52. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a market capitalization of $121.46 billion, a PE ratio of 64.79, a price-to-earnings-growth ratio of 2.07 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company 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 EPS. The firm's quarterly revenue was up 40.3% on a year-over-year basis. As a group, equities analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 171,420 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the transaction, the director owned 221,209 shares in the company, valued at approximately $82,681,287.93. This represents a 43.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director directly owned 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by company insiders.

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.