Merit Financial Group LLC lifted its stake in AppLovin Co. (NASDAQ:APP – Free Report) by 657.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,147 shares of the company’s stock after purchasing an additional 6,203 shares during the quarter. Merit Financial Group LLC’s holdings in AppLovin were worth $1,894,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Tcfg Wealth Management LLC purchased a new position in shares of AppLovin in the 4th quarter worth approximately $369,000. Capital Advisory Group Advisory Services LLC bought a new stake in shares of AppLovin during the 4th quarter worth approximately $213,000. Vicus Capital bought a new stake in shares of AppLovin during the 4th quarter worth approximately $349,000. Peak Retirement Planning Inc. bought a new stake in shares of AppLovin during the 4th quarter worth approximately $969,000. Finally, Parcion Private Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter worth approximately $366,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.
Insider Buying and Selling
In related news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. The trade was a 16.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 33,700 shares of the business’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total value of $12,318,698.00. Following the transaction, the chief executive officer now owns 2,760,363 shares in the company, valued at approximately $1,009,023,091.02. This trade represents a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,115,754 shares of company stock worth $411,165,970 in the last ninety days. 14.69% of the stock is owned by insiders.
AppLovin Trading Down 0.6%
AppLovin (NASDAQ:APP – Get Free Report) last announced 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 return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the business posted $0.67 EPS. The business’s revenue was up 40.3% compared to the same quarter last year. As a group, equities research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the company. Benchmark reissued a “buy” rating and set a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Jefferies Financial Group raised their price target on AppLovin from $460.00 to $530.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. The Goldman Sachs Group raised their price target on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Arete Research set a $200.00 price target on AppLovin in a research note on Wednesday, March 5th. Finally, Loop Capital reissued a “buy” rating and set a $650.00 price target on shares of AppLovin in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $436.10.
About AppLovin
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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