OneAscent Investment Solutions LLC Purchases Shares of 1,293 AppLovin Corporation (NASDAQ:APP)

Key Points

• OneAscent Investment Solutions LLC acquired a new stake in AppLovin Corporation, purchasing 1,293 shares valued at approximately $343,000 in the first quarter.
• Several institutional investors, including Wealth Enhancement Advisory Services LLC, significantly increased their positions in AppLovin, with some growing their shares by as much as 62.7% during the same period.
• Despite recent stock fluctuations, analysts remain bullish on AppLovin, with multiple firms raising their target prices, including UBS Group from $450 to $475, reflecting a consensus rating of "Moderate Buy."

OneAscent Investment Solutions LLC purchased a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,293 shares of the company's stock, valued at approximately $343,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Revolve Wealth Partners LLC bought a new stake in AppLovin in the 4th quarter worth approximately $294,000. Rockefeller Capital Management L.P. bought a new stake in shares of AppLovin in the 4th quarter worth about $3,996,000. SageView Advisory Group LLC bought a new stake in shares of AppLovin in the 4th quarter worth about $234,000. Jump Financial LLC bought a new stake in shares of AppLovin in the 4th quarter worth about $1,242,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in AppLovin in the 4th quarter worth about $389,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

APP stock traded up $5.34 during midday trading on Friday, hitting $438.68. 3,399,166 shares of the stock traded hands, compared to its average volume of 6,114,927. The firm has a market cap of $148.38 billion, a P/E ratio of 62.31, a PEG ratio of 2.42 and a beta of 2.43. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The stock's fifty day simple moving average is $370.82 and its 200-day simple moving average is $343.23. AppLovin Corporation has a 1-year low of $82.51 and a 1-year high of $525.15.

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. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the business earned $0.89 earnings per share. The firm's revenue was up 77.1% on a year-over-year basis. On average, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Barbara Messing sold 1,500 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the transaction, the director directly owned 9,510 shares of the company's stock, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matthew Stumpf sold 9,714 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the transaction, the chief financial officer directly owned 192,421 shares in the company, valued at approximately $81,394,083. This represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 925,398 shares of company stock valued at $392,582,738. 13.66% of the stock is owned by company insiders.

Analyst Ratings Changes

APP has been the topic of a number of recent analyst reports. Oppenheimer reissued an "outperform" rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Piper Sandler increased their price objective on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Zacks Research raised shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Morgan Stanley raised their price target on shares of AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $472.33.

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.