Aviance Capital Partners LLC Purchases 803 Shares of AppLovin Corporation $APP

Aviance Capital Partners LLC boosted its position in AppLovin Corporation (NASDAQ:APP) by 66.9% in the second quarter, HoldingsChannel.com reports. The firm owned 2,003 shares of the company’s stock after acquiring an additional 803 shares during the period. Aviance Capital Partners LLC’s holdings in AppLovin were worth $701,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in APP. Hilltop National Bank bought a new position in AppLovin in the second quarter worth about $26,000. SouthState Corp purchased a new stake in shares of AppLovin during the first quarter worth about $29,000. Cornerstone Planning Group LLC grew its stake in shares of AppLovin by 428.0% during the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock worth $33,000 after acquiring an additional 107 shares during the last quarter. Hoey Investments Inc. purchased a new stake in shares of AppLovin during the second quarter worth about $35,000. Finally, Trust Co. of Vermont purchased a new stake in shares of AppLovin during the second quarter worth about $35,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Up 2.7%

Shares of NASDAQ:APP opened at $637.33 on Friday. AppLovin Corporation has a 12-month low of $158.33 and a 12-month high of $745.61. The company has a market capitalization of $215.58 billion, a PE ratio of 90.53, a PEG ratio of 3.46 and a beta of 2.53. The business has a 50 day moving average of $589.79 and a two-hundred day moving average of $438.41. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results 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 company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the company posted $0.89 earnings per share. AppLovin’s revenue for the quarter was up 77.1% on a year-over-year basis. As a group, analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Analysts Set New Price Targets

APP has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. Weiss Ratings lowered AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 24th. Deutsche Bank Aktiengesellschaft set a $705.00 price target on AppLovin and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Bank of America boosted their price target on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Finally, Wedbush reiterated an “outperform” rating and issued a $745.00 target price on shares of AppLovin in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $606.39.

Insider Buying and Selling

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director directly owned 181,929 shares of the company’s stock, valued at approximately $78,682,473.21. The trade was a 52.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the transaction, the chief technology officer directly owned 3,360,104 shares of the company’s stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,156,788 shares of company stock valued at $514,863,333 in the last three months. 13.66% of the stock is currently owned by company insiders.

AppLovin Company 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.