AppLovin Corporation $APP Shares Bought by Wealthfront Advisers LLC

Wealthfront Advisers LLC lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 3.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 38,833 shares of the company’s stock after purchasing an additional 1,317 shares during the period. Wealthfront Advisers LLC’s holdings in AppLovin were worth $15,456,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in APP. D.A. Davidson & CO. lifted its holdings in AppLovin by 6.4% during the 1st quarter. D.A. Davidson & CO. now owns 1,277 shares of the company’s stock worth $508,000 after buying an additional 77 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in AppLovin by 3.5% in the first quarter. Geneos Wealth Management Inc. now owns 2,927 shares of the company’s stock valued at $1,165,000 after purchasing an additional 100 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in AppLovin by 79.6% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 404 shares of the company’s stock valued at $161,000 after purchasing an additional 179 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH increased its stake in AppLovin by 66.7% in the first quarter. MASTERINVEST Kapitalanlage GmbH now owns 4,570 shares of the company’s stock valued at $1,819,000 after purchasing an additional 1,829 shares during the last quarter. Finally, ABC Arbitrage SA acquired a new stake in AppLovin during the first quarter worth approximately $234,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on APP. JPMorgan Chase & Co. upped their target price on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Benchmark reiterated a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Argus assumed coverage on AppLovin in a report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price for the company. Finally, Raymond James Financial started coverage on AppLovin in a research report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $668.45.

AppLovin Trading Down 4.0%

NASDAQ:APP opened at $434.48 on Friday. AppLovin Corporation has a 12-month low of $343.00 and a 12-month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock’s 50 day simple moving average is $506.89 and its 200-day simple moving average is $489.64. The firm has a market cap of $145.96 billion, a P/E ratio of 37.33, a PEG ratio of 0.74 and a beta of 2.49.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 219.37% and a net margin of 64.29%.The company’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period last year, the company earned $1.67 earnings per share. Equities analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction that occurred 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 in the company, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 22,544 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the transaction, the chief executive officer directly owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. This trade represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 393,000 shares of company stock valued at $197,297,363. Corporate insiders own 13.66% of the company’s stock.

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.