Sowell Financial Services LLC Acquires Shares of 2,222 AppLovin Corporation (NASDAQ:APP)

Sowell Financial Services LLC purchased a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,222 shares of the company's stock, valued at approximately $589,000.

Several other large investors also recently added to or reduced their stakes in the business. 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 worth $4,485,409,000 after buying an additional 5,957,885 shares during the last quarter. SVB Wealth LLC purchased a new position in AppLovin in the fourth quarter worth $1,781,922,000. Norges Bank bought a new position in AppLovin in the fourth quarter valued at $828,138,000. Arrowstreet Capital Limited Partnership raised its position in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in AppLovin by 193.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after purchasing an additional 1,797,027 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the topic of several recent research reports. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research report on Wednesday, May 28th. Piper Sandler increased their price target on shares of AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price target on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. HSBC set a $436.00 price objective on shares of AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, Morgan Stanley lifted their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and an average price target of $438.10.

AppLovin Trading Down 5.7%

Shares of AppLovin stock traded down $19.67 during trading on Friday, reaching $324.70. 8,710,201 shares of the stock were exchanged, compared to its average volume of 6,134,499. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The firm has a market cap of $109.88 billion, a price-to-earnings ratio of 58.61, a price-to-earnings-growth ratio of 2.00 and a beta of 2.53. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The stock's fifty day moving average is $333.20 and its 200 day moving average is $334.44.

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

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 33,700 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the transaction, the chief executive officer now owns 2,760,363 shares in the company, valued at $1,009,023,091.02. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matthew Stumpf sold 9,714 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the sale, the chief financial officer now owns 192,421 shares of the company's stock, valued at $81,394,083. This trade 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 over 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.