Elevation Point Wealth Partners LLC Increases Position in AppLovin Corporation $APP

Elevation Point Wealth Partners LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP) by 328.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,740 shares of the company’s stock after purchasing an additional 8,235 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in AppLovin were worth $4,275,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Allworth Financial LP raised its holdings in AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after buying an additional 3,438 shares during the last quarter. Franklin Resources Inc. grew its holdings in AppLovin by 24.9% in the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after acquiring an additional 487,492 shares during the last quarter. Generate Investment Management Ltd bought a new stake in AppLovin in the 4th quarter worth $2,347,000. Kinetic Partners Management LP increased its position in shares of AppLovin by 7.5% in the third quarter. Kinetic Partners Management LP now owns 128,106 shares of the company’s stock valued at $92,049,000 after acquiring an additional 8,930 shares during the period. Finally, Calamos Advisors LLC increased its position in shares of AppLovin by 73.3% in the fourth quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock valued at $32,840,000 after acquiring an additional 20,609 shares during the period. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $527.06 on Friday. AppLovin Corporation has a fifty-two week low of $325.58 and a fifty-two week high of $745.61. The stock’s 50 day simple moving average is $501.83 and its two-hundred day simple moving average is $504.78. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The stock has a market cap of $177.06 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 0.85 and a beta of 2.49.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business’s revenue was up 58.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.67 EPS. As a group, analysts expect that AppLovin Corporation will post 15.96 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares of the company’s stock, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This represents a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 over the last three months. 13.66% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company increased their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Benchmark reiterated a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Finally, Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Two research analysts have 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, AppLovin has an average rating of “Moderate Buy” and an average price target of $668.27.

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.