Red Tortoise LLC Takes Position in AppLovin Corporation $APP

Key Points

• Red Tortoise LLC has taken a new position in AppLovin Corporation, acquiring 550 shares valued at approximately $193,000.
• Several institutional investors have significantly increased their stakes in AppLovin, with Dynasty Wealth Management boosting its position by over 117,000% in the first quarter.
• Analysts have raised their price targets for AppLovin stock, with some targeting prices over $700 and a consensus rating of "Moderate Buy."

Red Tortoise LLC acquired a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 550 shares of the company's stock, valued at approximately $193,000.

A number of other institutional investors have also added to or reduced their stakes in APP. Dynasty Wealth Management LLC raised its stake in AppLovin by 117,664.4% in 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. Price T Rowe Associates Inc. MD increased its position in shares of AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in AppLovin by 86.5% during the 1st 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 during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the transaction, the director directly owned 7,283,292 shares in the company, valued at $3,394,014,072. The trade was a 1.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the sale, the chief executive officer owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Company insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on APP. Oppenheimer lifted their price objective on shares of AppLovin from $500.00 to $740.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 23rd. Benchmark lifted their price target on AppLovin from $525.00 to $640.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Wells Fargo & Company increased their price objective on AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a report on Thursday, August 21st. Wedbush raised their price objective on AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Finally, JPMorgan Chase & Co. upped their target price on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $578.86.

AppLovin Stock Down 0.1%

AppLovin stock opened at $682.76 on Monday. 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 has a market capitalization of $230.94 billion, a PE ratio of 96.98, a price-to-earnings-growth ratio of 3.74 and a beta of 2.53. The business has a 50 day simple moving average of $514.58 and a 200-day simple moving average of $392.05. AppLovin Corporation has a 12 month low of $135.50 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the prior year, the firm earned $0.89 earnings per share. The business's revenue was up 77.1% compared to the same quarter last year. On average, analysts anticipate that AppLovin Corporation will post 6.87 EPS 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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