HighTower Advisors LLC Boosts Position in AppLovin Corporation $APP

HighTower Advisors LLC boosted its holdings in AppLovin Corporation (NASDAQ:APP) by 4.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 25,295 shares of the company’s stock after buying an additional 1,124 shares during the period. HighTower Advisors LLC’s holdings in AppLovin were worth $17,044,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of APP. Vanguard Group Inc. grew its position in AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after acquiring an additional 166,117 shares in the last quarter. State Street Corp grew its position in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares in the last quarter. Invesco Ltd. grew its position in AppLovin by 9.4% in the third quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock valued at $3,084,514,000 after acquiring an additional 367,083 shares in the last quarter. Jennison Associates LLC grew its position in AppLovin by 55.2% in the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after acquiring an additional 1,381,970 shares in the last quarter. Finally, Kensico Capital Management Corp grew its position in AppLovin by 3.1% in the third quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock valued at $2,240,767,000 after acquiring an additional 95,000 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director directly owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 365,244 shares of company stock worth $169,584,607 over the last ninety days. 13.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on APP. Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Piper Sandler increased their price objective on shares of AppLovin from $650.00 to $665.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research report on Friday, March 6th. BTIG Research reaffirmed a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Finally, Oppenheimer lowered their price objective on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $664.35.

AppLovin Stock Down 0.9%

APP stock opened at $481.68 on Friday. The firm has a 50 day simple moving average of $446.31 and a 200-day simple moving average of $523.95. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The company has a market capitalization of $161.82 billion, a P/E ratio of 41.38, a PEG ratio of 0.78 and a beta of 2.37. 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 (NASDAQ:APP) last announced its quarterly earnings data 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. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the business posted $1.67 earnings per share. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. On average, equities research analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

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.