Private Advisory Group LLC Purchases 2,131 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Private Advisory Group LLC increased its stake in AppLovin Corporation by 241.9%, acquiring a total of 3,012 shares worth approximately $798,000.
• CEO Arash Adam Foroughi sold 100,000 shares of AppLovin stock worth about $36.75 million, decreasing his ownership by 3.50%.
• AppLovin reported a 40.3% revenue increase year-over-year in its latest quarterly earnings, with earnings per share surpassing expectations at $1.67 compared to analyst estimates of $1.45.

Private Advisory Group LLC lifted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 241.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,012 shares of the company's stock after buying an additional 2,131 shares during the quarter. Private Advisory Group LLC's holdings in AppLovin were worth $798,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC lifted its holdings in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after buying an additional 1,185,859 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of AppLovin by 68.0% during the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after buying an additional 1,222,074 shares in the last quarter. Dynasty Wealth Management LLC lifted its holdings in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after buying an additional 2,700,399 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of AppLovin by 86.5% during the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after buying an additional 1,107,104 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Down 3.0%

Shares of APP stock traded down $11.53 during trading hours on Friday, reaching $379.17. The company's stock had a trading volume of 6,325,484 shares, compared to its average volume of 3,866,259. The stock has a market capitalization of $128.31 billion, a P/E ratio of 68.44, a P/E/G ratio of 2.33 and a beta of 2.43. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The firm's fifty day simple moving average is $363.45 and its 200 day simple moving average is $337.53. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10.

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

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 100,000 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares of the company's stock, valued at $1,014,461,006.13. This represents a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 over the last three months. 13.66% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. Jefferies Financial Group boosted their price target on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Piper Sandler restated an "overweight" rating and set a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Morgan Stanley boosted their price objective on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. upped their price target on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a report on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $447.57.

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.