AppLovin Co. (NASDAQ:APP) Stock Holdings Increased by MGB Wealth Management LLC

MGB Wealth Management LLC raised its stake in AppLovin Co. (NASDAQ:APP) by 1,767.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 361,634 shares of the company’s stock after buying an additional 342,264 shares during the period. AppLovin makes up approximately 10.2% of MGB Wealth Management LLC’s holdings, making the stock its largest holding. MGB Wealth Management LLC owned about 0.11% of AppLovin worth $25,032,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of APP. WCM Investment Management LLC acquired a new position in AppLovin during the first quarter worth about $497,488,000. Sapient Capital LLC acquired a new stake in AppLovin during the 4th quarter valued at $165,057,000. Vanguard Group Inc. increased its position in AppLovin by 8.5% during the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock worth $723,245,000 after buying an additional 1,411,453 shares in the last quarter. Norges Bank acquired a new position in shares of AppLovin in the fourth quarter worth $43,973,000. Finally, First Trust Advisors LP lifted its position in shares of AppLovin by 42.6% in the fourth quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock valued at $91,605,000 after acquiring an additional 686,258 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Performance

Shares of NASDAQ:APP traded up $1.70 during trading hours on Friday, hitting $83.71. The stock had a trading volume of 627,246 shares, compared to its average volume of 4,223,292. The stock’s fifty day simple moving average is $81.70 and its 200 day simple moving average is $65.70. The firm has a market capitalization of $27.54 billion, a price-to-earnings ratio of 50.00, a PEG ratio of 1.43 and a beta of 1.86. The company has a debt-to-equity ratio of 4.59, a quick ratio of 2.11 and a current ratio of 2.11. AppLovin Co. has a 1-year low of $27.32 and a 1-year high of $91.91.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $973.70 million. During the same period in the previous year, the company earned ($0.01) earnings per share. AppLovin’s revenue was up 47.9% compared to the same quarter last year. Sell-side analysts anticipate that AppLovin Co. will post 2.96 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Eduardo Vivas sold 118,839 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the completion of the sale, the director now owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Craig Scott Billings sold 5,620 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $84.97, for a total value of $477,531.40. Following the sale, the director now directly owns 1,780 shares in the company, valued at approximately $151,246.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eduardo Vivas sold 118,839 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $90.75, for a total value of $10,784,639.25. Following the transaction, the director now owns 7,641,531 shares of the company’s stock, valued at approximately $693,468,938.25. The disclosure for this sale can be found here. Insiders have sold a total of 17,857,726 shares of company stock worth $1,489,251,374 in the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of recent analyst reports. Wedbush upped their price target on shares of AppLovin from $87.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, May 9th. Jefferies Financial Group increased their target price on AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. BTIG Research boosted their price target on AppLovin from $87.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Citigroup raised their price objective on AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, The Goldman Sachs Group boosted their target price on AppLovin from $73.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $71.72.

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.