Concurrent Investment Advisors LLC Acquires 1,114 Shares of AppLovin Corporation $APP

Concurrent Investment Advisors LLC raised its holdings in AppLovin Corporation (NASDAQ:APP) by 31.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,646 shares of the company’s stock after purchasing an additional 1,114 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in AppLovin were worth $1,627,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Hilltop National Bank bought a new position in shares of AppLovin in the second quarter valued at about $26,000. Atala Financial Inc bought a new position in shares of AppLovin in the first quarter worth about $26,000. Hoey Investments Inc. bought a new position in shares of AppLovin in the second quarter worth about $35,000. Trust Co. of Vermont bought a new position in shares of AppLovin in the second quarter worth about $35,000. Finally, ORG Wealth Partners LLC bought a new position in shares of AppLovin in the first quarter worth about $29,000. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on APP shares. Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. BTIG Research boosted their target price on AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Morgan Stanley boosted their target price on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. The Goldman Sachs Group restated a “neutral” rating and set a $630.00 target price on shares of AppLovin in a research report on Tuesday. Finally, Bank of America boosted their price objective on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $600.59.

AppLovin Trading Down 0.0%

NASDAQ APP opened at $590.03 on Wednesday. The stock has a 50-day simple moving average of $545.78 and a 200 day simple moving average of $405.56. The company has a market capitalization of $199.58 billion, a PE ratio of 83.81, a P/E/G ratio of 3.20 and a beta of 2.53. 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 Corporation has a 12 month low of $139.40 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the company earned $0.89 earnings per share. The company’s revenue for the quarter was up 77.1% compared to the same quarter last year. Research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, CFO Matthew Stumpf sold 4,874 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $416.18, for a total transaction of $2,028,461.32. Following the completion of the sale, the chief financial officer directly owned 181,657 shares of the company’s stock, valued at approximately $75,602,010.26. This represents a 2.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Vasily Shikin sold 17,012 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $438.22, for a total transaction of $7,454,998.64. Following the sale, the chief technology officer directly owned 53,389 shares of the company’s stock, valued at $23,396,127.58. This represents a 24.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock worth $514,863,333 in the last quarter. Company insiders own 13.66% of the company’s stock.

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.