Westover Capital Advisors LLC Makes New Investment in AppLovin Corporation (NASDAQ:APP)

Key Points

• Westover Capital Advisors LLC acquired a new stake in AppLovin Corporation, purchasing 1,314 shares valued at approximately $348,000.
• AppLovin reported impressive earnings results with an EPS of $1.67, exceeding analysts' expectations, and a 40.3% year-over-year increase in revenue for the quarter.
• Insiders sold a total of 1,212,968 shares of AppLovin's stock over the last ninety days, indicating significant movement within the company's leadership.

Westover Capital Advisors LLC bought a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,314 shares of the company's stock, valued at approximately $348,000.

Several other large investors also recently made changes to their positions in the business. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin during the fourth quarter valued at approximately $25,000. Atala Financial Inc bought a new position in AppLovin during the first quarter valued at about $26,000. Alpine Bank Wealth Management bought a new stake in shares of AppLovin during the 1st quarter worth $27,000. Tucker Asset Management LLC acquired a new position in AppLovin in the 4th quarter worth approximately $28,000. Finally, ORG Wealth Partners LLC acquired a new stake in AppLovin during the 1st quarter worth about $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Herald Y. Chen sold 100,000 shares of AppLovin stock in a transaction on Friday, June 6th. The shares were sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the completion of the sale, the director owned 181,929 shares in the company, valued at approximately $76,393,806.39. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last ninety days. Insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on APP. Wall Street Zen raised AppLovin from a "hold" rating to a "buy" rating in a research report on Saturday. Scotiabank upgraded AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. Oppenheimer restated an "outperform" rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Wells Fargo & Company upped their price objective on AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, Wedbush raised shares of AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $447.57.

AppLovin Stock Performance

Shares of NASDAQ APP traded up $4.20 during mid-day trading on Friday, reaching $364.14. 2,880,710 shares of the company's stock were exchanged, compared to its average volume of 4,896,801. The firm has a market capitalization of $123.22 billion, a price-to-earnings ratio of 65.73, a price-to-earnings-growth ratio of 2.17 and a beta of 2.42. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a 50-day moving average price of $362.09 and a two-hundred day moving average price of $335.83.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the business posted $0.67 EPS. The firm's quarterly revenue was up 40.3% compared to the same quarter last year. Analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

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.