Darden Wealth Group Inc Purchases New Holdings in AppLovin Corporation $APP

Darden Wealth Group Inc purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, Holdings Channel reports. The fund purchased 3,528 shares of the company’s stock, valued at approximately $1,235,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after buying an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after acquiring an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. lifted its stake in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Invesco Ltd. increased its holdings in AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock valued at $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp lifted its stake in AppLovin by 12.9% in the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after buying an additional 328,000 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In related news, Director Eduardo Vivas sold 125,000 shares of AppLovin stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the sale, the director directly owned 7,283,292 shares of the company’s stock, valued at approximately $3,394,014,072. This trade represents a 1.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director directly owned 181,929 shares in the company, valued at approximately $78,682,473.21. This represents a 52.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 in the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on APP. Wall Street Zen cut shares of AppLovin from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Scotiabank reaffirmed an “outperform” rating on shares of AppLovin in a research report on Thursday, August 28th. Benchmark increased their target price on AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Finally, Wedbush boosted their price objective on shares of AppLovin from $725.00 to $745.00 and gave the stock an “outperform” rating in a research report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $605.13.

AppLovin Trading Up 5.1%

AppLovin stock opened at $620.00 on Friday. The stock has a 50-day simple moving average of $569.09 and a 200 day simple moving average of $424.16. The stock has a market capitalization of $209.72 billion, a P/E ratio of 88.07, a PEG ratio of 3.37 and a beta of 2.53. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a 52 week low of $158.33 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the company posted $0.89 EPS. The firm’s revenue for the quarter was up 77.1% compared to the same quarter last year. Analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.