Azzad Asset Management Inc. ADV Takes Position in AppLovin Co. (NASDAQ:APP)

Azzad Asset Management Inc. ADV purchased a new position in AppLovin Co. (NASDAQ:APP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,355 shares of the company’s stock, valued at approximately $359,000.

Several other institutional investors and hedge funds have also bought and sold shares of APP. Revolve Wealth Partners LLC acquired a new position in AppLovin during the fourth quarter valued at $294,000. Bogart Wealth LLC acquired a new position in AppLovin during the fourth quarter valued at $37,000. Rhumbline Advisers lifted its position in AppLovin by 5.9% during the fourth quarter. Rhumbline Advisers now owns 440,489 shares of the company’s stock valued at $142,643,000 after purchasing an additional 24,451 shares during the period. Nations Financial Group Inc. IA ADV acquired a new position in AppLovin during the fourth quarter valued at $2,202,000. Finally, Everhart Financial Group Inc. raised its position in shares of AppLovin by 14.9% in the fourth quarter. Everhart Financial Group Inc. now owns 2,234 shares of the company’s stock worth $723,000 after acquiring an additional 290 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Trading Down 4.2%

NASDAQ APP opened at $364.49 on Monday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm’s fifty day moving average price is $324.29 and its 200 day moving average price is $334.22. The company has a market capitalization of $123.34 billion, a price-to-earnings ratio of 80.28, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm posted $0.67 EPS. AppLovin’s revenue for the quarter was up 40.3% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other news, Director Craig Scott Billings sold 12,000 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at approximately $1,054,769.44. This trade represents a 80.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the completion of the sale, the director now owns 9,510 shares of the company’s stock, valued at $3,637,194.60. This trade represents a 13.62% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on APP. UBS Group upped their price objective on shares of AppLovin from $450.00 to $475.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Wells Fargo & Company upped their price objective on shares of AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $355.00 to $400.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 3rd. Loop Capital reissued a “buy” rating and set a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. Finally, The Goldman Sachs Group boosted their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $438.10.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.