AppLovin Corporation $APP Shares Acquired by Wealthfront Advisers LLC

Wealthfront Advisers LLC increased its stake in shares of AppLovin Corporation (NASDAQ:APP) by 10.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,530 shares of the company’s stock after purchasing an additional 2,400 shares during the quarter. Wealthfront Advisers LLC’s holdings in AppLovin were worth $8,587,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after acquiring an additional 1,769,400 shares during the period. Baillie Gifford & Co. lifted its holdings in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the period. Invesco Ltd. lifted its holdings in AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock valued at $1,062,876,000 after acquiring an additional 992,316 shares during the period. Finally, Kensico Capital Management Corp lifted its holdings in AppLovin by 12.9% in the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after acquiring an additional 328,000 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on APP shares. Morgan Stanley raised their target price on AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a report on Monday, September 29th. UBS Group raised their target price on AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a report on Friday, September 26th. Phillip Securities upgraded AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Zacks Research cut AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Finally, JPMorgan Chase & Co. raised their price target on AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. One equities 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. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $605.13.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares in the company, valued at $135,579,499.65. The trade was a 11.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 over the last 90 days. Corporate insiders own 13.66% of the company’s stock.

AppLovin Trading Up 3.7%

AppLovin stock opened at $643.10 on Tuesday. The stock has a market cap of $217.53 billion, a PE ratio of 91.35, a P/E/G ratio of 3.37 and a beta of 2.53. The stock has a 50-day moving average price of $573.18 and a 200 day moving average price of $427.78. AppLovin Corporation has a 52 week low of $158.33 and a 52 week high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s revenue was up 77.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.89 EPS. Equities research 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.