Independent Financial Group LLC Invests $2.48 Million in AppLovin Corporation $APP

Independent Financial Group LLC bought a new stake in shares of AppLovin Corporation (NASDAQ:APP) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,223 shares of the company’s stock, valued at approximately $2,477,000.

Other institutional investors have also recently bought and sold shares of the company. Revolve Wealth Partners LLC acquired a new position in shares of AppLovin in the fourth quarter worth about $294,000. Bison Wealth LLC purchased a new position in shares of AppLovin in the fourth quarter worth approximately $239,000. Integrated Wealth Concepts LLC raised its holdings in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after acquiring an additional 621 shares during the period. NewEdge Advisors LLC raised its holdings in shares of AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after acquiring an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in shares of AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after acquiring an additional 9,380 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. KeyCorp set a $775.00 target price on shares of AppLovin in a research note on Wednesday, June 10th. Wedbush restated an “outperform” rating and issued a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Finally, UBS Group lowered their price target on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

AppLovin Stock Performance

Shares of APP opened at $424.54 on Friday. The company’s 50 day moving average price is $506.01 and its 200 day moving average price is $489.19. AppLovin Corporation has a 52 week low of $343.00 and a 52 week high of $745.61. The company has a market capitalization of $142.62 billion, a PE ratio of 36.47, a PEG ratio of 0.69 and a beta of 2.49. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the business earned $1.67 EPS. The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. Research analysts expect that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 in the last three months. Company insiders own 13.66% of the company’s stock.

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.