Townsquare Capital LLC Buys 3,649 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Townsquare Capital LLC has increased its stake in AppLovin Corporation by 19.6%, now owning 22,221 shares valued at approximately $5.89 million.
• AppLovin reported a quarterly earnings per share of $2.26, surpassing analyst expectations of $2.05, although its revenue of $1.26 billion fell short of estimates.
• Institutional investors collectively hold 41.85% of AppLovin's stock, with several, including Vanguard Group and Baillie Gifford, significantly increasing their stakes in the company during the first quarter.

Townsquare Capital LLC grew its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 19.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,221 shares of the company's stock after buying an additional 3,649 shares during the quarter. Townsquare Capital LLC's holdings in AppLovin were worth $5,888,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. Forum Financial Management LP lifted its stake in shares of AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after buying an additional 33 shares during the last quarter. Vestcor Inc lifted its stake in shares of AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock worth $1,088,000 after buying an additional 33 shares during the last quarter. Argentarii LLC lifted its stake in shares of AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after buying an additional 40 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of AppLovin by 13.4% during the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after buying an additional 43 shares during the last quarter. Finally, CVA Family Office LLC lifted its stake in shares of AppLovin by 53.5% during the 1st quarter. CVA Family Office LLC now owns 132 shares of the company's stock worth $35,000 after buying an additional 46 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Up 0.3%

APP stock traded up $1.42 during midday trading on Tuesday, reaching $467.00. 4,534,972 shares of the company's stock traded hands, compared to its average volume of 7,205,472. The company has a market cap of $158.03 billion, a price-to-earnings ratio of 66.34, a P/E/G ratio of 2.60 and a beta of 2.43. The firm's fifty day moving average price is $368.05 and its 200-day moving average price is $340.46. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52 week low of $75.89 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the business posted $0.89 EPS. The business's revenue was up 77.1% compared to the same quarter last year. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Morgan Stanley raised their price target on shares of AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Scotiabank raised their price target on shares of AppLovin from $430.00 to $450.00 and gave the stock a "sector outperform" rating in a research report on Thursday, August 7th. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a research report on Saturday. UBS Group raised their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group raised their price target on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average price target of $472.33.

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew Stumpf sold 9,714 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $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 800,398 shares of company stock worth $301,556,641 in the last ninety days. Corporate insiders own 13.66% of the company's stock.

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.