Darden Wealth Group Inc Purchases New Position in AppLovin Corporation $APP

Darden Wealth Group Inc bought a new stake in AppLovin Corporation (NASDAQ:APP) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 3,528 shares of the company’s stock, valued at approximately $1,235,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Hilltop National Bank acquired a new stake in shares of AppLovin during the second quarter worth about $26,000. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of AppLovin during the first quarter worth approximately $29,000. SouthState Corp acquired a new stake in shares of AppLovin during the first quarter worth $29,000. Cornerstone Planning Group LLC grew its stake in AppLovin by 428.0% in the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock worth $33,000 after purchasing an additional 107 shares in the last quarter. Finally, Hoey Investments Inc. bought a new position in AppLovin during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analysts Set New Price Targets

APP has been the subject of several research analyst reports. Piper Sandler upped their price objective on shares of AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Royal Bank Of Canada began coverage on shares of AppLovin in a research report on Monday, October 13th. They issued an “outperform” rating and a $700.00 price target for the company. Deutsche Bank Aktiengesellschaft set a $705.00 price objective on shares of AppLovin and gave the company a “buy” rating in a research report on Wednesday. UBS Group lifted their price target on AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a report on Friday, September 26th. Finally, BTIG Research raised their target price on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $605.13.

AppLovin Stock Up 5.1%

Shares of APP opened at $620.00 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The company has a 50-day simple moving average of $569.09 and a 200-day simple moving average of $424.16. AppLovin Corporation has a 52 week low of $158.33 and a 52 week high of $745.61. The firm has a market capitalization of $209.72 billion, a P/E ratio of 88.07, a P/E/G ratio of 3.37 and a beta of 2.53.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 earnings per share. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer directly owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction on 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 transaction, the insider directly owned 269,955 shares of the company’s stock, valued at approximately $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 quarter, insiders sold 1,156,788 shares of company stock worth $514,863,333. Corporate insiders own 13.66% of the company’s stock.

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.