SteelPeak Wealth LLC Boosts Stock Position in AppLovin Corporation $APP

SteelPeak Wealth LLC lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 7.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 29,186 shares of the company’s stock after acquiring an additional 2,149 shares during the quarter. SteelPeak Wealth LLC’s holdings in AppLovin were worth $11,616,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC bought a new position in shares of AppLovin in the fourth quarter worth approximately $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter valued at $239,000. Integrated Wealth Concepts LLC raised its position in shares of AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after purchasing an additional 621 shares during the period. NewEdge Advisors LLC lifted its stake in shares of AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after buying an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in shares of AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after buying an additional 9,380 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on APP shares. Citigroup reiterated a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Needham & Company LLC restated a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 28th. Argus initiated coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price objective for the company. BTIG Research reaffirmed a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Finally, Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $668.45.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the sale, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 393,000 shares of company stock valued at $197,297,363. 13.66% of the stock is owned by corporate insiders.

AppLovin Stock Performance

APP opened at $434.48 on Friday. The stock has a market capitalization of $145.96 billion, a price-to-earnings ratio of 37.33, a PEG ratio of 0.74 and a beta of 2.49. The company has a fifty day moving average of $506.89 and a 200 day moving average of $489.64. AppLovin Corporation has a fifty-two week low of $343.00 and a fifty-two week high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 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 business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the company earned $1.67 EPS. The business’s quarterly revenue was up 58.9% compared to the same quarter last year. As a group, sell-side analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current fiscal 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.