Wellington Shields Capital Management LLC Makes New Investment in AppLovin Corporation $APP

Wellington Shields Capital Management LLC acquired a new position in shares of AppLovin Corporation (NASDAQ:APP) during the second quarter, Holdings Channel reports. The fund acquired 500 shares of the company’s stock, valued at approximately $175,000.

A number of other hedge funds have also recently bought and sold shares of APP. Dynasty Wealth Management LLC boosted its holdings in AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock worth $716,133,000 after acquiring an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. boosted its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in AppLovin by 86.5% during the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company’s stock worth $632,478,000 after acquiring an additional 1,107,104 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 350 shares of the business’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director directly owned 3,150 shares in the company, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business’s 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 in the company, valued at $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wedbush reaffirmed an “outperform” rating and set a $745.00 price objective on shares of AppLovin in a report on Thursday, October 30th. Bank of America boosted their price target on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. BTIG Research boosted their price target on shares of AppLovin from $664.00 to $693.00 and gave the stock a “buy” rating in a report on Friday. Finally, Wells Fargo & Company boosted their price target on shares of AppLovin from $491.00 to $633.00 and gave the stock an “overweight” rating in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $606.39.

AppLovin Trading Down 0.8%

Shares of AppLovin stock opened at $632.14 on Tuesday. AppLovin Corporation has a 52-week low of $158.33 and a 52-week high of $745.61. The stock’s 50-day simple moving average is $593.42 and its 200 day simple moving average is $442.65. The stock has a market capitalization of $213.82 billion, a P/E ratio of 89.79, a P/E/G ratio of 3.46 and a beta of 2.50. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the business posted $0.89 EPS. The firm’s quarterly revenue was up 77.1% compared to the same quarter last year. As a group, research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.

AppLovin 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.