NorthCrest Asset Manangement LLC Raises Stock Holdings in AppLovin Corporation $APP

NorthCrest Asset Manangement LLC lifted its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 75.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,927 shares of the company’s stock after acquiring an additional 1,695 shares during the period. NorthCrest Asset Manangement LLC’s holdings in AppLovin were worth $2,822,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Hilltop National Bank acquired a new position in AppLovin in the second quarter valued at $26,000. LFA Lugano Financial Advisors SA purchased a new position in shares of AppLovin during the second quarter worth about $26,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of AppLovin during the second quarter worth about $33,000. Heartwood Wealth Advisors LLC acquired a new position in AppLovin in the 3rd quarter valued at about $33,000. Finally, Bogart Wealth LLC raised its stake in AppLovin by 100.0% during the 3rd quarter. Bogart Wealth LLC now owns 48 shares of the company’s stock valued at $34,000 after acquiring an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 150 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $693.32, for a total value of $103,998.00. Following the sale, the director owned 2,829 shares of the company’s stock, valued at approximately $1,961,402.28. This represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 4,069 shares of AppLovin stock in a transaction on Friday, November 21st. The stock was sold at an average price of $497.50, for a total value of $2,024,327.50. Following the transaction, the chief executive officer directly owned 2,998,948 shares of the company’s stock, valued at $1,491,976,630. This trade represents a 0.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 340,336 shares of company stock worth $200,062,623. 13.66% of the stock is currently owned by insiders.

AppLovin Stock Performance

NASDAQ:APP opened at $568.76 on Tuesday. The firm’s fifty day simple moving average is $637.78 and its 200-day simple moving average is $556.94. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38. The stock has a market cap of $192.21 billion, a PE ratio of 69.02, a price-to-earnings-growth ratio of 1.88 and a beta of 2.50. AppLovin Corporation has a fifty-two week low of $200.50 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the firm earned $1.29 earnings per share. The firm’s revenue was up 68.2% on a year-over-year basis. Analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on APP. Zacks Research upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. Morgan Stanley increased their price target on AppLovin from $750.00 to $800.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. BTIG Research reiterated a “buy” rating and issued a $771.00 price objective on shares of AppLovin in a research report on Wednesday, December 17th. Wedbush raised their target price on shares of AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Finally, Evercore ISI initiated coverage on shares of AppLovin in a research note on Wednesday, January 14th. They set an “outperform” rating and a $835.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $706.76.

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.