Rice Partnership LLC Buys New Shares in AppLovin Corporation $APP

Rice Partnership LLC bought a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the 4th quarter, Holdings Channel reports. The firm bought 6,845 shares of the company’s stock, valued at approximately $4,612,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. CBIZ Investment Advisory Services LLC lifted its position in shares of AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 17 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its position in shares of AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after acquiring an additional 18 shares in the last quarter. Verdence Capital Advisors LLC lifted its position in shares of AppLovin by 5.7% in the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after acquiring an additional 18 shares in the last quarter. Claro Advisors LLC lifted its position in shares of AppLovin by 3.2% in the third quarter. Claro Advisors LLC now owns 647 shares of the company’s stock valued at $465,000 after acquiring an additional 20 shares in the last quarter. Finally, Strategic Advocates LLC lifted its position in shares of AppLovin by 0.8% in the third quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock valued at $1,851,000 after acquiring an additional 21 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

NASDAQ:APP opened at $605.63 on Wednesday. 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 company has a market capitalization of $203.46 billion, a P/E ratio of 52.03, a P/E/G ratio of 1.00 and a beta of 2.45. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61. The business’s 50-day moving average is $460.05 and its 200 day moving average is $520.92.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion for 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 firm’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.67 earnings per share. On average, equities research analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 2,889 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $488.90, for a total value of $1,412,432.10. Following the sale, the chief technology officer directly owned 17,945 shares in the company, valued at approximately $8,773,310.50. The trade was a 13.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the sale, the chief executive officer directly owned 2,430,414 shares in the company, valued at $1,117,625,877.90. The trade was a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 464,016 shares of company stock valued at $218,477,985 over the last three months. Corporate insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on APP. Wedbush restated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Morgan Stanley restated an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Arete Research set a $340.00 price objective on AppLovin and gave the company a “neutral” rating in a research report on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $664.35.

AppLovin Company 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.