Quartz Partners LLC Acquires Shares of 12,758 AppLovin Corporation $APP

Key Points

• Quartz Partners LLC opened a new position in AppLovin during the first quarter, buying 12,758 shares worth about $5.08 million. The stake represents roughly 2% of Quartz Partners’ portfolio and is its 18th-largest holding.
• AppLovin has seen meaningful insider selling recently, including CFO Matthew Stumpf and Director Maynard G. Webb, Jr. Over the last 90 days, insiders sold 393,000 shares worth about $197.3 million.
• The company reported strong quarterly results, with earnings of $3.56 per share on revenue of $1.84 billion, both ahead of expectations. Analysts remain broadly positive, with a consensus Moderate Buy rating and an average price target of $668.45.

Quartz Partners LLC bought a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 12,758 shares of the company's stock, valued at approximately $5,078,000. AppLovin makes up approximately 2.0% of Quartz Partners LLC's portfolio, making the stock its 18th biggest holding.

A number of other institutional investors have also recently modified their holdings of APP. Washington Trust Advisors Inc. raised its position in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after purchasing an additional 24 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in AppLovin during the 4th quarter valued at about $27,000. Mcguire Capital Advisors Inc. bought a new stake in AppLovin during the 4th quarter valued at about $27,000. Laurel Wealth Advisors LLC bought a new position in shares of AppLovin in the fourth quarter worth approximately $32,000. Finally, Osbon Capital Management LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at approximately $36,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at approximately $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director directly owned 120,444 shares of the company's stock, valued at $62,786,252.76. This represents a 2.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 393,000 shares of company stock worth $197,297,363. Company insiders own 13.66% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $434.48 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $145.96 billion, a PE ratio of 37.33, a price-to-earnings-growth ratio of 0.74 and a beta of 2.49. The firm's 50 day moving average price is $506.89 and its 200-day moving average price is $489.64. AppLovin Corporation has a twelve month low of $343.00 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business posted $1.67 earnings per share. The firm's quarterly revenue was up 58.9% compared to the same quarter last year. Equities research analysts expect that AppLovin Corporation will post 15.93 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Weiss Ratings raised AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. Morgan Stanley restated an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. KeyCorp set a $775.00 price target on shares of AppLovin in a research note on Wednesday, June 10th. Argus assumed coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a "buy" rating and a $520.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on shares of AppLovin from $571.00 to $575.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $668.45.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.