Roberts Capital Advisors LLC Takes $573,000 Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Roberts Capital Advisors LLC acquired a new position in AppLovin Corporation, purchasing 2,164 shares valued at approximately $573,000.
• Several hedge funds, including Vanguard Group and Baillie Gifford & Co., significantly increased their stakes in AppLovin during the first quarter, showcasing strong institutional interest.
• Despite recent insider sales, AppLovin reported $2.26 EPS for the quarter, surpassing analyst estimates, although its revenue fell short of predictions at $1.26 billion.

Roberts Capital Advisors LLC purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,164 shares of the company's stock, valued at approximately $573,000.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. boosted its stake in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. Invesco Ltd. boosted its stake in AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after acquiring an additional 992,316 shares during the last quarter. Dynasty Wealth Management LLC boosted 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 valued at $716,133,000 after acquiring an additional 2,700,399 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in AppLovin by 86.5% in the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after acquiring an additional 1,107,104 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Transactions at AppLovin

In other news, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the transaction, the director owned 3,451 shares of the company's stock, valued at $1,450,455.30. This trade represents a 12.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Matthew Stumpf sold 9,714 shares of AppLovin stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the transaction, the chief financial officer directly owned 192,421 shares of the company's stock, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 925,398 shares of company stock worth $392,582,738. 13.66% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on APP. Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Scotiabank raised their price objective on shares of AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Piper Sandler increased their target price on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company increased their target price on shares of AppLovin from $405.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. One analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average price target of $472.33.

AppLovin Stock Up 1.2%

Shares of APP stock opened at $438.68 on Friday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 1 year low of $82.51 and a 1 year high of $525.15. The firm's fifty day moving average price is $370.82 and its two-hundred day moving average price is $343.23. The firm has a market capitalization of $148.38 billion, a P/E ratio of 62.31, a PEG ratio of 2.42 and a beta of 2.43.

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

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.

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