Chung Wu Investment Group LLC Acquires Shares of 1,020 AppLovin Corporation $APP

Chung Wu Investment Group LLC bought a new position in shares of AppLovin Corporation (NASDAQ:APP) in the second quarter, HoldingsChannel reports. The firm bought 1,020 shares of the company’s stock, valued at approximately $357,000.

A number of other hedge funds also recently bought and sold shares of the business. Dynasty Wealth Management LLC increased its stake in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock valued at $716,133,000 after buying an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Baillie Gifford & Co. boosted its stake in shares of AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of AppLovin by 86.5% during the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company’s stock valued at $632,478,000 after purchasing an additional 1,107,104 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of APP stock opened at $682.76 on Monday. The company has a market capitalization of $230.94 billion, a price-to-earnings ratio of 96.98, a price-to-earnings-growth ratio of 3.74 and a beta of 2.53. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a one year low of $135.50 and a one year high of $745.61. The company’s 50-day moving average is $514.58 and its 200 day moving average is $392.05.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the company earned $0.89 earnings per share. The business’s revenue for the quarter was up 77.1% compared to the same quarter last year. Sell-side analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 90,000 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the sale, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at $1,103,147,536.16. This trade represents a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of the business’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. Insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

APP has been the subject of several research reports. JPMorgan Chase & Co. increased their target price on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Oppenheimer increased their price objective on AppLovin from $500.00 to $740.00 and gave the stock an “outperform” rating in a report on Tuesday, September 23rd. UBS Group raised their price objective on AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Morgan Stanley upped their target price on shares of AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Finally, Bank of America lifted their price target on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $578.86.

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.