EdgeRock Capital LLC Purchases Shares of 909 AppLovin Co. (NASDAQ:APP)

EdgeRock Capital LLC purchased a new stake in AppLovin Co. (NASDAQ:APP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 909 shares of the company’s stock, valued at approximately $241,000.

Several other hedge funds also recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new stake in AppLovin in the fourth quarter valued at $294,000. Yousif Capital Management LLC boosted its holdings in AppLovin by 4.0% in the fourth quarter. Yousif Capital Management LLC now owns 3,425 shares of the company’s stock valued at $1,109,000 after purchasing an additional 132 shares during the last quarter. Quotient Wealth Partners LLC purchased a new stake in AppLovin in the fourth quarter valued at $222,000. Stephens Inc. AR boosted its holdings in AppLovin by 9.1% in the fourth quarter. Stephens Inc. AR now owns 7,224 shares of the company’s stock valued at $2,339,000 after purchasing an additional 604 shares during the last quarter. Finally, Angeles Wealth Management LLC purchased a new stake in AppLovin in the fourth quarter valued at $204,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APP has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $355.00 to $400.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 3rd. Morgan Stanley increased their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an “overweight” rating in a research note on Monday. Piper Sandler increased their target price on shares of AppLovin from $425.00 to $455.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Wednesday, May 28th. Finally, HSBC set a $436.00 target price on shares of AppLovin and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $438.10.

AppLovin Stock Up 0.0%

APP stock opened at $383.61 on Wednesday. The company has a market cap of $129.81 billion, a price-to-earnings ratio of 84.50, a PEG ratio of 3.02 and a beta of 2.53. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The firm has a 50-day moving average of $315.46 and a two-hundred day moving average of $333.14.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. AppLovin’s quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 EPS. As a group, analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 400,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now owns 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 9,714 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the sale, the chief financial officer now owns 192,421 shares of the company’s stock, valued at $81,394,083. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,211,468 shares of company stock worth $454,489,290. Insiders own 14.69% 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.