SVB Wealth LLC Boosts Stock Holdings in AppLovin Corporation $APP

SVB Wealth LLC lifted its position in AppLovin Corporation (NASDAQ:APP) by 775.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,204 shares of the company’s stock after acquiring an additional 3,724 shares during the quarter. SVB Wealth LLC’s holdings in AppLovin were worth $1,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the period. APG Asset Management N.V. acquired a new position in shares of AppLovin during the 3rd quarter worth approximately $4,958,000. Franklin Resources Inc. raised its stake in shares of AppLovin by 24.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after buying an additional 487,492 shares during the period. TIAA Trust National Association lifted its position in shares of AppLovin by 431.7% during the 3rd quarter. TIAA Trust National Association now owns 52,749 shares of the company’s stock valued at $37,902,000 after buying an additional 42,829 shares in the last quarter. Finally, Generate Investment Management Ltd purchased a new position in shares of AppLovin during the 4th quarter valued at approximately $2,347,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AppLovin

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the completion of the transaction, the director directly owned 123,520 shares in the company, valued at approximately $71,893,580.80. This represents a 2.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 389,924 shares of company stock worth $195,693,875. Insiders own 13.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. Wedbush reaffirmed an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. KeyCorp set a $775.00 target price on shares of AppLovin in a research note on Wednesday, June 10th. Citigroup restated a “buy” rating on shares of AppLovin in a research report on Monday. Finally, Wells Fargo & Company raised their price target on shares of AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $669.62.

AppLovin Trading Down 0.5%

Shares of APP stock opened at $467.02 on Wednesday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a twelve month low of $325.58 and a twelve month high of $745.61. The company’s 50-day moving average price is $495.55 and its 200-day moving average price is $514.39. The stock has a market cap of $156.89 billion, a price-to-earnings ratio of 40.12, a PEG ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin’s revenue was up 58.9% compared to the same quarter last year. During the same period last year, the business earned $1.67 earnings per share. As a group, equities analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current year.

About AppLovin

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.