AppLovin Corporation $APP Stake Boosted by HighTower Advisors LLC

HighTower Advisors LLC raised its stake in AppLovin Corporation (NASDAQ:APP) by 4.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 25,295 shares of the company’s stock after buying an additional 1,124 shares during the quarter. HighTower Advisors LLC’s holdings in AppLovin were worth $17,044,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd lifted its stake in AppLovin by 73.5% in the third quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock valued at $54,664,000 after buying an additional 32,510 shares during the last quarter. Allworth Financial LP lifted its stake in AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after buying an additional 3,438 shares during the last quarter. CIBC Asset Management Inc lifted its stake in AppLovin by 14.8% in the third quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock valued at $84,160,000 after buying an additional 15,074 shares during the last quarter. APG Asset Management N.V. bought a new stake in AppLovin in the third quarter valued at $4,958,000. Finally, Trek Financial LLC lifted its stake in AppLovin by 851.6% in the third quarter. Trek Financial LLC now owns 9,630 shares of the company’s stock valued at $6,920,000 after buying an additional 8,618 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup cut their target price on AppLovin from $820.00 to $710.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. UBS Group cut their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Wells Fargo & Company raised their target price on AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Jefferies Financial Group lowered their price target on AppLovin from $860.00 to $700.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Finally, Evercore reissued a “buy” rating on shares of AppLovin in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $664.35.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director directly owned 6,969,382 shares of the company’s stock, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer directly owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 365,244 shares of company stock valued at $169,584,607 over the last three months. Company insiders own 13.66% of the company’s stock.

AppLovin Price Performance

Shares of APP opened at $481.68 on Friday. The stock’s fifty day moving average is $446.31 and its 200-day moving average is $523.95. The firm has a market capitalization of $161.82 billion, a price-to-earnings ratio of 41.38, a price-to-earnings-growth ratio of 0.78 and a beta of 2.37. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue was up 58.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.67 earnings per share. Equities analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.