SeaCrest Wealth Management LLC Boosts Holdings in AppLovin Corporation $APP

Key Points

• SeaCrest Wealth Management LLC increased its holdings in AppLovin Corporation by 27.6% in the second quarter, acquiring an additional 540 shares for a total of 2,499 shares valued at approximately $875,000.
• Other institutional investors also made significant purchases in AppLovin, with Dynasty Wealth Management LLC increasing its stake by over 117,664%, now owning approximately 2.7 million shares worth $716 million.
• Analysts have raised their price targets for AppLovin, with a consensus average target price of $501.95, reflecting a strong overall outlook for the company despite recent fluctuations in share performance.

SeaCrest Wealth Management LLC grew its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 27.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,499 shares of the company's stock after purchasing an additional 540 shares during the quarter. SeaCrest Wealth Management LLC's holdings in AppLovin were worth $875,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atala Financial Inc bought a new stake in AppLovin in the first quarter worth approximately $26,000. Alpine Bank Wealth Management acquired a new position in AppLovin during the first quarter worth $27,000. ORG Wealth Partners LLC acquired a new stake in shares of AppLovin during the first quarter worth $29,000. Bartlett & CO. Wealth Management LLC acquired a new position in AppLovin during the first quarter worth about $29,000. Finally, SouthState Corp bought a new position in shares of AppLovin during the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

APP traded up $28.07 during trading on Friday, hitting $649.59. 73,086,587 shares of the company traded hands, compared to its average volume of 9,961,002. The stock's fifty day moving average is $451.52 and its 200 day moving average is $364.40. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a one year low of $123.51 and a one year high of $653.06. The firm has a market cap of $219.72 billion, a P/E ratio of 92.27, a price-to-earnings-growth ratio of 3.60 and a beta of 2.44.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.37 billion. During the same period in the prior year, the firm earned $0.89 EPS. The company's revenue was up 77.1% compared to the same quarter last year. As a group, equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on APP. Morgan Stanley boosted their price objective on AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Wedbush boosted their price objective on AppLovin from $620.00 to $725.00 and gave the company an "outperform" rating in a report on Friday, September 12th. Jefferies Financial Group upped their price target on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Piper Sandler boosted their price target on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Scotiabank reissued an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and a consensus target price of $501.95.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. This trade represents a 11.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the transaction, the chief technology officer directly owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is owned by company insiders.

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.