Park Avenue Securities LLC Boosts Stake in AppLovin Co. (NASDAQ:APP)

Park Avenue Securities LLC increased its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 11.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 16,000 shares of the company's stock after purchasing an additional 1,652 shares during the period. Park Avenue Securities LLC's holdings in AppLovin were worth $4,240,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co lifted its holdings in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after buying an additional 82 shares in the last quarter. Tucker Asset Management LLC acquired a new stake in AppLovin during the 4th quarter worth approximately $28,000. Hemington Wealth Management lifted its holdings in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock worth $29,000 after buying an additional 40 shares in the last quarter. Finally, Smithfield Trust Co acquired a new stake in AppLovin during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, Director Craig Scott Billings sold 12,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at approximately $1,054,769.44. This trade represents a 80.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,700 shares of the firm's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the completion of the sale, the chief executive officer now owns 2,760,363 shares of the company's stock, valued at $1,009,023,091.02. This trade represents a 1.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,211,468 shares of company stock valued at $454,489,290. Insiders own 14.69% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group increased their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. UBS Group increased their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Morgan Stanley increased their target price on shares of AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Jefferies Financial Group increased their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company increased their price objective on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $436.10.

AppLovin Trading Up 0.9%

NASDAQ APP opened at $417.89 on Monday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm's fifty day moving average price is $311.16 and its 200 day moving average price is $332.43. The company has a market capitalization of $141.41 billion, a price-to-earnings ratio of 92.05, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm posted $0.67 EPS. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Co. 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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