Sei Investments Co. Purchases 65,890 Shares of AppLovin Corporation $APP

Key Points

• Sei Investments Co. increased its AppLovin stake by 16.2% in the first quarter, buying 65,890 additional shares and bringing its total holding to 471,774 shares worth about $187.8 million.
• Wall Street remains broadly positive on AppLovin, with several firms reiterating buy/overweight ratings and a consensus price target of $668.45.
• Insiders have been selling shares recently: director Maynard G. Webb, Jr. and insider Victoria Valenzuela both sold stock, and insiders have sold 393,000 shares over the past 90 days.

Sei Investments Co. lifted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 16.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 471,774 shares of the company's stock after purchasing an additional 65,890 shares during the period. Sei Investments Co. owned 0.14% of AppLovin worth $187,768,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Washington Trust Advisors Inc. increased its position in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after buying an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $32,000. Osbon Capital Management LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $36,000. Finally, Dogwood Wealth Management LLC boosted its stake in shares of AppLovin by 84.4% during the 4th quarter. Dogwood Wealth Management LLC now owns 59 shares of the company's stock worth $40,000 after acquiring an additional 27 shares during the period. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. BTIG Research reissued a "buy" rating and set a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Wedbush reaffirmed an "outperform" rating and set a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Morgan Stanley reaffirmed an "overweight" rating on shares of AppLovin in a research report on Wednesday, May 27th. Argus started coverage on shares of AppLovin in a report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price objective on the stock. Finally, Piper Sandler reissued an "overweight" rating on shares of AppLovin 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $668.45.

Insiders Place Their Bets

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the transaction, the director owned 120,444 shares in the company, valued at $62,786,252.76. This represents a 2.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the transaction, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is currently owned by insiders.

AppLovin Stock Performance

NASDAQ:APP opened at $412.48 on Thursday. The stock has a market cap of $138.57 billion, a P/E ratio of 35.44, a PEG ratio of 0.70 and a beta of 2.49. The stock has a 50 day simple moving average of $502.88 and a 200 day simple moving average of $482.25. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 1-year low of $349.21 and a 1-year high of $745.61.

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

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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

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.