AppLovin Corporation (NASDAQ:APP) Shares Bought by Cornerstone Planning Group LLC

Cornerstone Planning Group LLC lifted its holdings in AppLovin Corporation (NASDAQ:APP) by 428.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132 shares of the company’s stock after purchasing an additional 107 shares during the period. Cornerstone Planning Group LLC’s holdings in AppLovin were worth $33,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC boosted its holdings in shares of AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company’s stock worth $445,000 after buying an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company’s stock worth $45,675,000 after buying an additional 66,453 shares during the period. Yousif Capital Management LLC boosted its holdings in shares of AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company’s stock worth $939,000 after buying an additional 119 shares during the period. Peak Retirement Planning Inc. acquired a new position in shares of AppLovin in the fourth quarter worth about $969,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of AppLovin by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company’s stock worth $1,106,000 after buying an additional 121 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity

In other news, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer owned 70,889 shares of the company’s stock, valued at $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of AppLovin 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 transaction, the director directly owned 221,209 shares in the company, valued at approximately $82,867,103.49. This represents a 64.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Jefferies Financial Group raised their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Piper Sandler restated an “overweight” rating and set a $470.00 price target (up from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday, June 26th. Wells Fargo & Company raised their price target on shares of AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, Oppenheimer restated an “outperform” rating and set a $500.00 price target (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $438.43.

AppLovin Price Performance

NASDAQ APP opened at $346.32 on Friday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a market capitalization of $117.19 billion, a PE ratio of 62.51, a price-to-earnings-growth ratio of 2.10 and a beta of 2.42. The company has a 50 day moving average price of $357.68 and a two-hundred day moving average price of $334.38. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the firm posted $0.67 earnings per share. The company’s quarterly revenue was up 40.3% compared to the same quarter last year. As a group, equities analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.