AppLovin Corporation (NASDAQ:APP) Shares Acquired by Ballentine Partners LLC

Ballentine Partners LLC increased its position in AppLovin Corporation (NASDAQ:APP) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,686 shares of the company’s stock after buying an additional 277 shares during the period. Ballentine Partners LLC’s holdings in AppLovin were worth $2,302,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of APP. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $294,000. Proficio Capital Partners LLC acquired a new position in AppLovin during the fourth quarter worth approximately $474,000. PNC Financial Services Group Inc. increased its position in AppLovin by 6.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,182 shares of the company’s stock worth $2,650,000 after purchasing an additional 464 shares during the last quarter. Independent Advisor Alliance acquired a new position in AppLovin during the fourth quarter worth approximately $518,000. Finally, Moors & Cabot Inc. acquired a new position in AppLovin during the fourth quarter worth approximately $547,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Activity at AppLovin

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

AppLovin Price Performance

Shares of APP stock opened at $335.10 on Friday. The company has a market capitalization of $113.39 billion, a PE ratio of 60.49, a price-to-earnings-growth ratio of 2.00 and a beta of 2.42. The firm has a fifty day simple moving average of $358.23 and a 200-day simple moving average of $334.28. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm earned $0.67 earnings per share. The business’s quarterly revenue was up 40.3% compared to the same quarter last year. Equities research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on APP shares. HSBC set a $436.00 price target on shares of AppLovin and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $470.00 price target (up previously from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. Morgan Stanley upped their price target on shares of AppLovin from $420.00 to $460.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Oppenheimer reaffirmed an “outperform” rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Finally, Wedbush raised shares of AppLovin to a “strong-buy” rating in a research report on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $438.43.

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.