Patton Albertson Miller Group LLC Buys 920 Shares of AppLovin Corporation $APP

Patton Albertson Miller Group LLC boosted its stake in AppLovin Corporation (NASDAQ:APP) by 6.6% in the third quarter, HoldingsChannel reports. The firm owned 14,851 shares of the company’s stock after buying an additional 920 shares during the period. AppLovin makes up about 1.3% of Patton Albertson Miller Group LLC’s portfolio, making the stock its 20th largest position. Patton Albertson Miller Group LLC’s holdings in AppLovin were worth $10,671,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in APP. Norges Bank bought a new position in shares of AppLovin during the 2nd quarter worth about $951,541,000. Rakuten Investment Management Inc. acquired a new position in AppLovin during the 3rd quarter worth approximately $1,456,108,000. Jennison Associates LLC raised its stake in AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after buying an additional 1,381,970 shares during the period. Bank of New York Mellon Corp boosted its holdings in AppLovin by 51.0% in the third quarter. Bank of New York Mellon Corp now owns 1,493,494 shares of the company’s stock worth $1,073,135,000 after acquiring an additional 504,341 shares in the last quarter. Finally, National Pension Service grew its stake in AppLovin by 82.2% in the second quarter. National Pension Service now owns 790,271 shares of the company’s stock valued at $276,658,000 after acquiring an additional 356,443 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on APP. Needham & Company LLC raised AppLovin from a “hold” rating to a “buy” rating and set a $700.00 target price on the stock in a research report on Monday. BTIG Research reissued a “buy” rating and issued a $771.00 price target on shares of AppLovin in a research report on Wednesday, December 17th. Wells Fargo & Company boosted their price target on shares of AppLovin from $721.00 to $735.00 and gave the company an “overweight” rating in a research note on Thursday, January 8th. The Goldman Sachs Group raised their price objective on shares of AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Finally, Morgan Stanley lifted their price objective on shares of AppLovin from $750.00 to $800.00 and gave the company an “overweight” rating in a report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $706.45.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $569.24 on Friday. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. The stock has a market cap of $192.37 billion, a PE ratio of 69.08, a price-to-earnings-growth ratio of 1.79 and a beta of 2.50. The stock’s fifty day simple moving average is $636.28 and its two-hundred day simple moving average is $564.98. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. The firm’s revenue for the quarter was up 68.2% on a year-over-year basis. As a group, analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 4,069 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the completion of the sale, the chief executive officer directly owned 2,998,948 shares of the company’s stock, valued at approximately $1,491,976,630. This trade represents a 0.14% 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, Director Dawson Alyssa Harvey sold 150 shares of AppLovin 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 in the company, valued at $1,961,402.28. This trade represents a 5.04% decrease in their ownership of the stock. 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. 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.