Sunbelt Securities Inc. Has $2.65 Million Stake in AppLovin Corporation $APP

Sunbelt Securities Inc. lifted its stake in AppLovin Corporation (NASDAQ:APP) by 304.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,681 shares of the company’s stock after purchasing an additional 2,770 shares during the quarter. Sunbelt Securities Inc.’s holdings in AppLovin were worth $2,645,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Chilton Capital Management LLC purchased a new position in AppLovin during the third quarter valued at approximately $29,000. Activest Wealth Management lifted its position in AppLovin by 760.0% in the 3rd quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after buying an additional 38 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in AppLovin in the 2nd quarter worth approximately $33,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of AppLovin during the 3rd quarter valued at $33,000. Finally, CBIZ Investment Advisory Services LLC boosted its stake in shares of AppLovin by 58.6% during the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock valued at $33,000 after buying an additional 17 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Victoria Valenzuela sold 7,609 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $657.13, for a total value of $5,000,102.17. Following the transaction, the insider directly owned 277,110 shares of the company’s stock, valued at approximately $182,097,294.30. This trade represents a 2.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 40,704 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer owned 2,430,414 shares of the company’s stock, valued at approximately $1,117,625,877.90. This trade represents a 1.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 188,033 shares of company stock valued at $90,662,374 over the last quarter. Insiders own 13.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wedbush upped their price target on shares of AppLovin from $465.00 to $640.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Evercore reissued a “buy” rating on shares of AppLovin in a research report on Friday, January 30th. Benchmark restated a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Zacks Research lowered AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Finally, UBS Group set a $740.00 price target on AppLovin in a research note on Thursday, February 12th. Twenty research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $654.50.

AppLovin Stock Up 1.3%

AppLovin stock opened at $459.09 on Wednesday. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61. The firm’s fifty day simple moving average is $487.56 and its 200-day simple moving average is $574.47. The company has a market capitalization of $154.84 billion, a P/E ratio of 47.09, a P/E/G ratio of 0.80 and a beta of 2.51.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.35. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.61 billion. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. AppLovin’s revenue for the quarter was up 66.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.73 earnings per share. Sell-side analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

AppLovin 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.