West Michigan Advisors LLC Purchases Shares of 710 AppLovin Corporation $APP

West Michigan Advisors LLC purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 710 shares of the company’s stock, valued at approximately $249,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hilltop National Bank acquired a new position in AppLovin during the second quarter valued at approximately $26,000. Alpine Bank Wealth Management acquired a new position in shares of AppLovin during the first quarter worth $27,000. Bartlett & CO. Wealth Management LLC acquired a new position in shares of AppLovin during the first quarter worth $29,000. SouthState Corp acquired a new position in shares of AppLovin during the first quarter worth $29,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of AppLovin by 428.0% during 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. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 350 shares of the business’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director owned 3,150 shares in the company, valued at $1,537,105.50. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider owned 269,955 shares of the company’s stock, valued at $135,579,499.65. This represents a 11.48% 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 in the last ninety days. 13.66% of the stock is currently owned by company insiders.

AppLovin Stock Up 5.1%

APP stock opened at $620.00 on Friday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a 1-year low of $158.33 and a 1-year high of $745.61. The firm has a fifty day moving average price of $569.09 and a two-hundred day moving average price of $422.86. The firm has a market cap of $209.72 billion, a price-to-earnings ratio of 88.07, a PEG ratio of 3.20 and a beta of 2.53.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating 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 firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The firm’s revenue for the quarter was up 77.1% compared to the same quarter last year. Research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings cut shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Bank of America boosted their target price on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Wall Street Zen cut shares of AppLovin from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Wells Fargo & Company upped their price target on shares of AppLovin from $491.00 to $633.00 and gave the company an “overweight” rating in a report on Tuesday, October 14th. Finally, Benchmark upped their price target on shares of AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $605.13.

About AppLovin

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.