Patriot Financial Group Insurance Agency LLC Has $1.30 Million Position in AppLovin Corporation $APP

Patriot Financial Group Insurance Agency LLC grew its stake in shares of AppLovin Corporation (NASDAQ:APP) by 123.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,268 shares of the company’s stock after acquiring an additional 1,808 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in AppLovin were worth $1,301,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after purchasing an additional 166,117 shares during the last quarter. State Street Corp lifted its holdings in shares of AppLovin by 0.4% during the 4th quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after buying an additional 52,377 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after buying an additional 448,005 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock valued at $4,103,386,000 after buying an additional 212,349 shares in the last quarter. Finally, Morgan Stanley increased its holdings in AppLovin by 10.7% in the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after buying an additional 538,806 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group cut their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings lowered shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Finally, Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a “neutral” rating in a report on Monday, March 2nd. Two 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $668.27.

AppLovin Trading Up 4.5%

NASDAQ:APP opened at $498.76 on Tuesday. The company’s 50 day moving average is $497.65 and its 200-day moving average is $508.03. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 12 month low of $325.58 and a 12 month high of $745.61. The firm has a market cap of $167.55 billion, a price-to-earnings ratio of 42.85, a P/E/G ratio of 0.77 and a beta of 2.45.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue was up 58.9% compared to the same quarter last year. During the same period last year, the business posted $1.67 EPS. Equities analysts anticipate that AppLovin Corporation will post 15.97 EPS for the current year.

Insider Buying and Selling

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the sale, the director owned 123,520 shares in the company, valued at $71,893,580.80. This represents a 2.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 389,924 shares of company stock valued at $195,693,875 in the last quarter. 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.