Deepwater Asset Management LLC Invests $13.92 Million in AppLovin Corporation $APP

Deepwater Asset Management LLC purchased a new position in shares of AppLovin Corporation (NASDAQ:APP) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 19,370 shares of the company’s stock, valued at approximately $13,918,000. AppLovin accounts for approximately 5.5% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 5th biggest position.

Several other institutional investors also recently bought and sold shares of APP. CBIZ Investment Advisory Services LLC increased its stake in shares of AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 17 shares during the period. Versant Capital Management Inc boosted its holdings in AppLovin by 2.8% in the 3rd quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock valued at $504,000 after purchasing an additional 19 shares in the last quarter. Claro Advisors LLC increased its position in AppLovin by 3.2% during the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after purchasing an additional 20 shares during the period. Optas LLC raised its stake in shares of AppLovin by 2.5% during the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after buying an additional 21 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC lifted its holdings in shares of AppLovin by 19.6% in the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock valued at $96,000 after buying an additional 22 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Up 1.4%

Shares of NASDAQ APP opened at $438.89 on Wednesday. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The company has a market capitalization of $148.03 billion, a PE ratio of 45.01, a price-to-earnings-growth ratio of 0.89 and a beta of 2.51. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.32. The firm’s 50-day moving average is $527.66 and its two-hundred day moving average is $572.35.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.35. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the firm posted $1.73 EPS. The company’s quarterly revenue was up 66.0% compared to the same quarter last year. Equities analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of recent analyst reports. Zacks Research lowered AppLovin from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 12th. UBS Group set a $740.00 price target on shares of AppLovin in a report on Thursday, February 12th. Wells Fargo & Company decreased their price objective on shares of AppLovin from $735.00 to $543.00 and set an “overweight” rating on the stock in a report on Thursday, February 12th. The Goldman Sachs Group dropped their target price on shares of AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Finally, Evercore reissued a “buy” rating on shares of AppLovin in a research note on Friday, January 30th. Twenty-one investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $658.14.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 150 shares of AppLovin stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $693.32, for a total transaction of $103,998.00. Following the completion of the sale, the director owned 2,829 shares in the company, valued at approximately $1,961,402.28. This trade represents a 5.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 7,609 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the completion of the transaction, the insider directly owned 277,110 shares of the company’s stock, valued at $182,097,294.30. The trade was a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 13.66% of the company’s stock.

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.