Ascent Group LLC Grows Stock Holdings in AppLovin Co. (NASDAQ:APP)

Ascent Group LLC raised its position in shares of AppLovin Co. (NASDAQ:APP) by 34.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,553 shares of the company’s stock after buying an additional 1,416 shares during the period. Ascent Group LLC’s holdings in AppLovin were worth $1,798,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. JFS Wealth Advisors LLC raised its position in shares of AppLovin by 38.2% in the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. HighPoint Advisor Group LLC raised its position in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after purchasing an additional 31 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock valued at $170,000 after purchasing an additional 33 shares during the last quarter. Forum Financial Management LP raised its position in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock valued at $1,223,000 after purchasing an additional 33 shares during the last quarter. Finally, Truvestments Capital LLC raised its position in shares of AppLovin by 0.7% in the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company’s stock valued at $1,696,000 after purchasing an additional 38 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 100,000 shares of AppLovin stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the sale, the chief executive officer now owns 2,760,363 shares of the company’s stock, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 6,585 shares of AppLovin stock in a transaction on Monday, May 19th. The shares were sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the completion of the sale, the insider now directly owns 357,903 shares in the company, valued at $132,506,427.69. This represents a 1.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,233,254 shares of company stock valued at $446,927,149. 14.69% of the stock is owned by company insiders.

AppLovin Price Performance

Shares of NASDAQ APP opened at $354.29 on Monday. The stock has a market capitalization of $119.89 billion, a price-to-earnings ratio of 78.04, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The firm’s 50 day simple moving average is $292.64 and its 200-day simple moving average is $325.78. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last released its quarterly earnings results 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 net margin of 33.54% and a return on equity of 188.55%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 40.3% compared to the same quarter last year. Analysts expect that AppLovin Co. will post 6.87 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on APP. Wells Fargo & Company increased their price objective on shares of AppLovin from $386.00 to $405.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Benchmark reissued a “buy” rating and set a $525.00 price target on shares of AppLovin in a research report on Thursday, May 8th. Piper Sandler raised their price target on shares of AppLovin from $425.00 to $455.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $270.00 to $355.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Finally, Arete Research set a $200.00 price target on shares of AppLovin in a research report on Wednesday, March 5th. 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 price target of $433.85.

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.