World Equity Group Inc. Invests $286,000 in AppLovin Corporation (NASDAQ:APP)

World Equity Group Inc. acquired a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,078 shares of the company's stock, valued at approximately $286,000.

A number of other hedge funds also recently made changes to their positions in the stock. GAM Holding AG increased its holdings in AppLovin by 47.1% in the first quarter. GAM Holding AG now owns 5,195 shares of the company's stock worth $1,377,000 after purchasing an additional 1,663 shares in the last quarter. Stonegate Investment Group LLC grew its holdings in AppLovin by 45.4% during the first quarter. Stonegate Investment Group LLC now owns 1,201 shares of the company's stock worth $318,000 after buying an additional 375 shares in the last quarter. Advisor Resource Council bought a new stake in AppLovin during the first quarter worth $1,224,000. ORG Wealth Partners LLC bought a new stake in AppLovin during the first quarter worth $29,000. Finally, Friedenthal Financial boosted its position in AppLovin by 32.3% in the first quarter. Friedenthal Financial now owns 3,214 shares of the company's stock worth $852,000 after purchasing an additional 785 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Performance

Shares of APP opened at $324.70 on Friday. The stock's 50-day simple moving average is $333.20 and its 200 day simple moving average is $334.17. The stock has a market capitalization of $109.88 billion, a price-to-earnings ratio of 58.61, a price-to-earnings-growth ratio of 1.89 and a beta of 2.53. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15.

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

Analysts Set New Price Targets

Several research analysts have weighed in on APP shares. Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. UBS Group boosted their price objective on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Morgan Stanley boosted their price objective on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. boosted their price objective on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. Finally, Piper Sandler boosted their price objective on AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $438.10.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 6,585 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $370.23, for a total value of $2,437,964.55. Following the sale, the insider now owns 357,903 shares of the company's stock, valued at $132,506,427.69. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dawson Alyssa Harvey sold 513 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the sale, the director now directly owns 3,451 shares in the company, valued at approximately $1,450,455.30. The trade was a 12.94% 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 valued at $455,062,980 in the last 90 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.

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