Prakash Investment Advisors LLC Has $847,000 Position in AppLovin Corporation (NASDAQ:APP)

Prakash Investment Advisors LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 359.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,195 shares of the company's stock after buying an additional 2,500 shares during the quarter. AppLovin makes up about 0.9% of Prakash Investment Advisors LLC's investment portfolio, making the stock its 21st largest holding. Prakash Investment Advisors LLC's holdings in AppLovin were worth $847,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in APP. HighPoint Advisor Group LLC raised its stake in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after acquiring an additional 31 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after acquiring an additional 33 shares in the last quarter. Forum Financial Management LP raised its stake in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares in the last quarter. Truvestments Capital LLC raised its stake in shares of AppLovin by 0.7% in the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock valued at $1,696,000 after acquiring an additional 38 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of AppLovin by 13.4% in the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after acquiring an additional 43 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Price Performance

NASDAQ:APP traded down $13.67 during trading hours on Friday, reaching $333.78. The company had a trading volume of 18,524,276 shares, compared to its average volume of 6,199,642. The stock has a 50-day moving average of $343.55 and a two-hundred day moving average of $333.63. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The firm has a market capitalization of $112.95 billion, a PE ratio of 60.25, a PEG ratio of 1.94 and a beta of 2.53. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the business posted $0.67 earnings per share. The business's revenue was up 40.3% compared to the same quarter last year. Analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on APP. Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Loop Capital reaffirmed a "buy" rating and issued a $650.00 price target on shares of AppLovin in a research report on Friday, March 28th. JPMorgan Chase & Co. lifted their price target on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. The Goldman Sachs Group lifted their price target on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $438.85.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 6,585 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $370.23, for a total value of $2,437,964.55. Following the transaction, the insider now owns 357,903 shares of the company's stock, valued at approximately $132,506,427.69. The trade was a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,700 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total value of $12,318,698.00. Following the completion of the transaction, the chief executive officer now directly owns 2,760,363 shares in the company, valued at approximately $1,009,023,091.02. This represents a 1.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 over the last three months. Company insiders own 13.66% of the company's stock.

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.