Quartz Partners LLC Makes New Investment in AppLovin Corporation $APP

Quartz Partners LLC purchased a new position in AppLovin Corporation (NASDAQ:APP) in the first quarter, HoldingsChannel reports. The firm purchased 12,758 shares of the company’s stock, valued at approximately $5,078,000. AppLovin accounts for 2.0% of Quartz Partners LLC’s portfolio, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Board of the Pension Protection Fund bought a new stake in shares of AppLovin during the 4th quarter valued at $27,000. Washington Trust Advisors Inc. lifted its position in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new position in shares of AppLovin in the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC purchased a new stake in shares of AppLovin during the fourth quarter worth about $32,000. Finally, First Pacific Financial bought a new stake in AppLovin during the 1st quarter valued at approximately $33,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Performance

AppLovin stock opened at $434.48 on Friday. The company’s 50-day moving average price is $506.89 and its 200-day moving average price is $489.64. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $145.96 billion, a PE ratio of 37.33, a price-to-earnings-growth ratio of 0.74 and a beta of 2.49. AppLovin Corporation has a twelve month low of $343.00 and a twelve month high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 EPS. On average, equities research analysts forecast that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on APP shares. Wedbush reiterated an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. UBS Group cut their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Finally, Raymond James Financial began coverage on AppLovin in a research note on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $668.45.

Insider Buying and Selling at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the transaction, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 393,000 shares of company stock valued at $197,297,363. Corporate insiders own 13.66% of the company’s stock.

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.