Sovran Advisors LLC Has $405,000 Stock Position in AppLovin Corporation (NASDAQ:APP)

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

Several other hedge funds and other institutional investors also recently bought and sold shares of APP. FMR LLC increased its holdings in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after acquiring an additional 5,957,885 shares during the last quarter. Geode Capital Management LLC boosted its holdings in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after purchasing an additional 573,310 shares during the period. Invesco Ltd. increased its stake in AppLovin by 68.0% during the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after purchasing an additional 1,222,074 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after purchasing an additional 2,373,885 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of AppLovin by 193.6% in the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after buying an additional 1,797,027 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on APP shares. UBS Group boosted their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Piper Sandler reaffirmed an "overweight" rating and set a $470.00 target price (up from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Morgan Stanley increased their price target on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Finally, HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $438.85.

AppLovin Price Performance

NASDAQ:APP traded up $4.24 during midday trading on Thursday, hitting $340.24. 3,514,792 shares of the stock were exchanged, compared to its average volume of 6,207,670. The company has a market capitalization of $115.13 billion, a price-to-earnings ratio of 61.42, a P/E/G ratio of 2.01 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The business has a 50-day moving average price of $349.64 and a two-hundred day moving average price of $333.90.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the business earned $0.67 EPS. The company's quarterly revenue was up 40.3% compared to the same quarter last year. Sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Transactions at AppLovin

In other news, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $420.30, for a total value of $215,613.90. Following the transaction, the director owned 3,451 shares of the company's stock, valued at $1,450,455.30. The trade was a 12.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Matthew Stumpf sold 9,714 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 192,421 shares of the company's stock, valued at approximately $81,394,083. This represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock valued at $455,062,980 in the last quarter. 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.