Sovran Advisors LLC Raises Stake in AppLovin Corporation (NASDAQ:APP)

Sovran Advisors LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 100.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,527 shares of the company's stock after buying an additional 764 shares during the quarter. Sovran Advisors LLC's holdings in AppLovin were worth $405,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of APP. Fuller & Thaler Asset Management Inc. bought a new stake in AppLovin during the fourth quarter worth approximately $25,000. Atala Financial Inc bought a new position in shares of AppLovin in the first quarter worth about $26,000. Alpine Bank Wealth Management purchased a new position in AppLovin in the 1st quarter worth about $27,000. Tucker Asset Management LLC bought a new stake in AppLovin during the 4th quarter valued at about $28,000. Finally, ORG Wealth Partners LLC bought a new stake in AppLovin during the 1st quarter valued at about $29,000. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

NASDAQ APP traded up $4.24 on Friday, reaching $340.24. The stock had a trading volume of 3,525,836 shares, compared to its average volume of 6,220,592. The stock has a market cap of $115.13 billion, a P/E ratio of 61.42, a price-to-earnings-growth ratio of 2.04 and a beta of 2.42. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The business's 50-day moving average price is $352.35 and its 200 day moving average price is $333.89. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business's revenue was up 40.3% on a year-over-year basis. During the same quarter last year, the business earned $0.67 EPS. As a group, equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wedbush raised shares of AppLovin to a "strong-buy" rating in a research report on Tuesday. Oppenheimer restated an "outperform" rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Citigroup reissued a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Finally, The Goldman Sachs Group raised their price target on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $438.85.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director directly owned 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company's stock.

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.