Westover Capital Advisors LLC Increases Stock Position in AppLovin Corporation $APP

Westover Capital Advisors LLC raised its position in shares of AppLovin Corporation (NASDAQ:APP) by 70.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,689 shares of the company’s stock after buying an additional 1,524 shares during the quarter. Westover Capital Advisors LLC’s holdings in AppLovin were worth $1,468,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Washington Trust Advisors Inc. increased its holdings in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares during the period. Board of the Pension Protection Fund purchased a new stake in AppLovin in the fourth quarter valued at about $27,000. Mcguire Capital Advisors Inc. purchased a new position in AppLovin in the 4th quarter worth $27,000. Laurel Wealth Advisors LLC purchased a new position in AppLovin during the 4th quarter worth approximately $32,000. Finally, Osbon Capital Management LLC purchased a new position in shares of AppLovin during the 4th quarter valued at about $36,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on APP. JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Morgan Stanley reissued an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Benchmark reissued a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Argus assumed coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $660.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $668.45.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction dated 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 completion of 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 393,000 shares of company stock worth $197,297,363 over the last ninety days. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Up 0.8%

Shares of APP opened at $452.73 on Thursday. AppLovin Corporation has a 52-week low of $343.00 and a 52-week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a fifty day simple moving average of $508.18 and a two-hundred day simple moving average of $491.61. The company has a market capitalization of $152.09 billion, a PE ratio of 38.89, a price-to-earnings-growth ratio of 0.73 and a beta of 2.49.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS 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 previous year, the company earned $1.67 EPS. The business’s revenue for the quarter was up 58.9% compared to the same quarter last year. As a group, equities analysts forecast that AppLovin Corporation will post 15.93 EPS for the current year.

AppLovin 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.