Thurston Springer Miller Herd & Titak Inc. Buys 1,469 Shares of AppLovin Corporation $APP

Key Points

• Thurston Springer Miller Herd & Titak Inc. significantly increased its stake in AppLovin Corporation by purchasing 1,469 shares, bringing its total holdings to 1,513 shares valued at approximately $530,000.
• AppLovin reported a 52-week revenue growth of 77.1%, with quarterly earnings beating estimates at $2.26 EPS, despite revenue falling short of expectations at $1.26 billion.
• Analysts' ratings for AppLovin vary, with a consensus of "Moderate Buy" and an average price target of $501.95, indicating strong optimism among investors.

Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 3,338.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,513 shares of the company's stock after purchasing an additional 1,469 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in AppLovin were worth $530,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC bought a new position in shares of AppLovin in the fourth quarter valued at approximately $294,000. Bison Wealth LLC bought a new position in shares of AppLovin in the fourth quarter valued at approximately $239,000. Snowden Capital Advisors LLC grew its holdings in shares of AppLovin by 18.2% in the fourth quarter. Snowden Capital Advisors LLC now owns 3,274 shares of the company's stock valued at $1,060,000 after acquiring an additional 503 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of AppLovin by 22.0% in the fourth quarter. Toronto Dominion Bank now owns 30,705 shares of the company's stock valued at $9,943,000 after acquiring an additional 5,531 shares in the last quarter. Finally, Stonebrook Private Inc. bought a new position in shares of AppLovin in the fourth quarter valued at approximately $214,000. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 1.9%

Shares of APP stock opened at $593.14 on Tuesday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a 52-week low of $110.90 and a 52-week high of $595.27. The company has a market capitalization of $200.63 billion, a PE ratio of 84.25, a price-to-earnings-growth ratio of 3.25 and a beta of 2.44. The business's fifty day moving average is $429.47 and its 200 day moving average is $355.73.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company's revenue was up 77.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.89 EPS. On average, equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

APP has been the subject of several recent analyst reports. Zacks Research raised AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Wall Street Zen lowered AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. BTIG Research increased their price objective on AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a report on Monday. Finally, Piper Sandler increased their price objective on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $501.95.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director directly owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. This represents a 1.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by corporate insiders.

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.

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