SVB Wealth LLC Increases Position in AppLovin Corporation $APP

Key Points

• SVB Wealth LLC dramatically increased its AppLovin stake by 775.8% in the first quarter, ending with 4,204 shares valued at about $1.67 million.
• AppLovin posted strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion, up 58.9% year over year.
• Analysts remain broadly positive on APP, with an average rating of “Moderate Buy” and an average price target of $669.62, even as some insiders recently sold shares.

SVB Wealth LLC lifted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 775.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,204 shares of the company's stock after acquiring an additional 3,724 shares during the period. SVB Wealth LLC's holdings in AppLovin were worth $1,673,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Redhawk Wealth Advisors Inc. raised its holdings in AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock worth $431,000 after purchasing an additional 18 shares in the last quarter. Verdence Capital Advisors LLC lifted its position in shares of AppLovin by 5.7% during the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock valued at $224,000 after buying an additional 18 shares during the last quarter. Claro Advisors LLC boosted its holdings in shares of AppLovin by 3.2% in the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company's stock valued at $465,000 after buying an additional 20 shares in the last quarter. Strategic Advocates LLC grew its position in shares of AppLovin by 0.8% in the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company's stock worth $1,851,000 after buying an additional 21 shares during the last quarter. Finally, Finivi Inc. grew its position in shares of AppLovin by 3.2% in the 4th quarter. Finivi Inc. now owns 711 shares of the company's stock worth $479,000 after buying an additional 22 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Performance

APP opened at $467.02 on Wednesday. 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 12-month low of $325.58 and a 12-month high of $745.61. The firm has a 50 day moving average of $495.55 and a two-hundred day moving average of $514.39. The firm has a market capitalization of $156.89 billion, a PE ratio of 40.12, a P/E/G ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the firm earned $1.67 EPS. The business's revenue for the quarter was up 58.9% on a year-over-year basis. On average, analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on APP shares. Piper Sandler reiterated an "overweight" rating on shares of AppLovin in a research note on Tuesday, June 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. KeyCorp set a $775.00 price target on AppLovin in a research report on Wednesday, June 10th. Wells Fargo & Company increased their price objective on AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Finally, Oppenheimer lowered their price objective on AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $669.62.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares of the company's stock, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares of the company's stock, valued at $106,470,000. The trade was a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 389,924 shares of company stock valued at $195,693,875 in the last 90 days. 13.66% of the stock is currently owned by insiders.

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.

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