Wealthfront Advisers LLC Increases Position in AppLovin Corporation $APP

Wealthfront Advisers LLC lifted its position in AppLovin Corporation (NASDAQ:APP) by 3.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,833 shares of the company’s stock after acquiring an additional 1,317 shares during the period. Wealthfront Advisers LLC’s holdings in AppLovin were worth $15,456,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC acquired a new stake in AppLovin during the 4th quarter worth about $294,000. Bison Wealth LLC purchased a new stake in AppLovin in the 4th quarter worth approximately $239,000. Integrated Wealth Concepts LLC boosted its position in AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares in the last quarter. NewEdge Advisors LLC grew 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 worth $5,084,000 after purchasing an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina grew 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 worth $48,727,000 after purchasing an additional 9,380 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Trading Down 4.0%

Shares of AppLovin stock opened at $434.48 on Friday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a twelve month low of $343.00 and a twelve month high of $745.61. The firm has a market capitalization of $145.96 billion, a PE ratio of 37.33, a P/E/G ratio of 0.74 and a beta of 2.49. The firm’s 50-day moving average price is $506.89 and its 200 day moving average price is $489.64.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data 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 return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business earned $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. On average, sell-side analysts predict that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Weiss Ratings upgraded shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. Wedbush restated an “outperform” rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Raymond James Financial initiated coverage on shares of AppLovin in a report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price objective for the company. Piper Sandler reissued an “overweight” rating on shares of AppLovin in a research note on Tuesday, July 7th. Finally, Argus initiated coverage on AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $668.45.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 22,544 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the completion of the sale, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. This trade represents a 0.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 393,000 shares of company stock valued at $197,297,363. Insiders own 13.66% of the company’s stock.

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.