AppLovin Corporation (NASDAQ:APP) Stock Position Raised by Spire Wealth Management

Spire Wealth Management grew its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 75.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 7,741 shares of the company's stock after buying an additional 3,327 shares during the period. Spire Wealth Management's holdings in AppLovin were worth $2,051,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in APP. Revolve Wealth Partners LLC acquired a new stake in AppLovin in the fourth quarter valued at about $294,000. Y Intercept Hong Kong Ltd purchased a new position in AppLovin in the fourth quarter valued at about $407,000. Bank of New York Mellon Corp raised its position in shares of AppLovin by 3.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,032,315 shares of the company's stock worth $334,294,000 after purchasing an additional 30,154 shares during the last quarter. Amalgamated Bank raised its position in shares of AppLovin by 1.3% during the 4th quarter. Amalgamated Bank now owns 17,619 shares of the company's stock worth $5,706,000 after purchasing an additional 218 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in shares of AppLovin by 103.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 40,362 shares of the company's stock worth $13,070,000 after purchasing an additional 20,543 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Down 3.9%

Shares of APP traded down $13.67 during midday trading on Friday, hitting $333.78. The company had a trading volume of 18,524,276 shares, compared to its average volume of 6,206,443. The company's 50 day moving average price is $341.63 and its 200 day moving average price is $333.58. The stock has a market cap of $112.95 billion, a price-to-earnings ratio of 60.25, a PEG ratio of 1.97 and a beta of 2.53. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results 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 company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company's revenue was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 EPS. On average, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 513 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director now owns 3,451 shares of the company's stock, valued at $1,450,455.30. This represents a 12.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director now directly owns 9,510 shares of the company's stock, valued at approximately $3,637,194.60. This represents a 13.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Insiders own 13.66% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Wells Fargo & Company lifted their target price 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. Arete Research set a $200.00 target price on shares of AppLovin in a report on Wednesday, March 5th. Citigroup restated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. UBS Group lifted their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Piper Sandler restated an "overweight" rating and set a $470.00 target price (up previously from $455.00) on shares of AppLovin in a report on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $438.85.

AppLovin 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.