EP Wealth Advisors LLC Raises Position in AppLovin Co. (NASDAQ:APP)

EP Wealth Advisors LLC lifted its stake in AppLovin Co. (NASDAQ:APP) by 6.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,884 shares of the company’s stock after purchasing an additional 680 shares during the quarter. EP Wealth Advisors LLC’s holdings in AppLovin were worth $753,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of APP. Raymond James & Associates boosted its stake in shares of AppLovin by 12.3% during the fourth quarter. Raymond James & Associates now owns 1,041,839 shares of the company’s stock valued at $41,517,000 after purchasing an additional 113,932 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in AppLovin during the 4th quarter valued at $237,000. Pacer Advisors Inc. grew its position in shares of AppLovin by 36.1% during the 4th quarter. Pacer Advisors Inc. now owns 37,087 shares of the company’s stock worth $1,478,000 after buying an additional 9,839 shares in the last quarter. Highland Capital Management LLC increased its stake in shares of AppLovin by 8.0% during the fourth quarter. Highland Capital Management LLC now owns 27,967 shares of the company’s stock valued at $1,114,000 after buying an additional 2,066 shares during the period. Finally, Altfest L J & Co. Inc. bought a new stake in shares of AppLovin in the fourth quarter valued at about $411,000. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $83.36, for a total value of $1,458,800,000.00. Following the sale, the insider now owns 366,567 shares in the company, valued at approximately $30,557,025.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other AppLovin news, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of AppLovin stock in a transaction on Monday, May 13th. The shares were sold at an average price of $83.36, for a total value of $1,458,800,000.00. Following the completion of the transaction, the insider now owns 366,567 shares of the company’s stock, valued at $30,557,025.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Katie Kihorany Jansen sold 147,984 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $82.29, for a total transaction of $12,177,603.36. Following the completion of the transaction, the chief marketing officer now owns 1,264,284 shares of the company’s stock, valued at approximately $104,037,930.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,857,726 shares of company stock worth $1,489,251,374. Insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Oppenheimer restated an “outperform” rating and issued a $97.00 price target on shares of AppLovin in a report on Thursday, June 13th. BTIG Research raised their price target on shares of AppLovin from $87.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Daiwa Capital Markets assumed coverage on shares of AppLovin in a research note on Monday, April 15th. They set a “neutral” rating and a $80.00 price objective for the company. Citigroup raised their target price on shares of AppLovin from $80.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Finally, Morgan Stanley upped their price target on AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $71.72.

AppLovin Stock Performance

NASDAQ:APP traded up $1.36 during midday trading on Friday, hitting $77.53. The company’s stock had a trading volume of 1,789,580 shares, compared to its average volume of 4,115,641. AppLovin Co. has a fifty-two week low of $28.99 and a fifty-two week high of $91.91. The company has a debt-to-equity ratio of 4.59, a current ratio of 2.11 and a quick ratio of 2.11. The firm has a market cap of $25.51 billion, a P/E ratio of 45.34, a P/E/G ratio of 1.33 and a beta of 1.86. The firm’s 50 day moving average is $81.96 and its 200-day moving average is $68.67.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $973.70 million. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The business’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.01) earnings per share. Equities analysts anticipate that AppLovin Co. will post 2.96 earnings per share for the current fiscal 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.