Trust Asset Management LLC Invests $1.20 Million in AppLovin Corporation $APP

Key Points

• Trust Asset Management LLC initiated a new position in AppLovin, buying 3,012 shares valued at about $1.2 million in the first quarter.
• Institutional ownership remains significant, with hedge funds and other institutions holding 41.85% of AppLovin’s stock, while insiders have sold a total of 389,924 shares over the last 90 days.
• AppLovin reported strong quarterly results, beating estimates with $3.56 EPS and $1.84 billion in revenue; analysts currently rate the stock Moderate Buy with an average target price of $669.62.

Trust Asset Management LLC bought a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 3,012 shares of the company's stock, valued at approximately $1,199,000.

Several other institutional investors have also bought and sold shares of APP. Board of the Pension Protection Fund bought a new position in shares of AppLovin during the fourth quarter valued at $27,000. Washington Trust Advisors Inc. grew its holdings in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after purchasing an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in shares of AppLovin during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC acquired a new stake in shares of AppLovin during the 4th quarter worth about $32,000. Finally, CENTRAL TRUST Co lifted its holdings in AppLovin by 41.3% during the 1st quarter. CENTRAL TRUST Co now owns 89 shares of the company's stock valued at $35,000 after purchasing an additional 26 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on APP. Benchmark restated a "buy" rating on shares of AppLovin in a research report on Wednesday, June 10th. Morgan Stanley reiterated an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. JPMorgan Chase & Co. boosted their target price on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Arete Research set a $340.00 price target on AppLovin and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Finally, Wells Fargo & Company raised their price target on AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $669.62.

Insider Transactions at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 9,052 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares of the company's stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 389,924 shares of company stock worth $195,693,875 over the last ninety days. 13.66% of the stock is currently owned by insiders.

AppLovin Trading Down 4.1%

APP opened at $445.93 on Friday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $149.81 billion, a PE ratio of 38.31, a PEG ratio of 0.76 and a beta of 2.45. AppLovin Corporation has a 1-year low of $325.58 and a 1-year high of $745.61. The firm has a 50-day moving average price of $496.75 and a two-hundred day moving average price of $511.12.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the firm posted $1.67 earnings per share. The company's revenue was up 58.9% on a year-over-year basis. As a group, equities analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

About AppLovin

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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