Lake Street Advisors Group LLC Boosts Stock Position in AppLovin Co. (NASDAQ:APP)

Lake Street Advisors Group LLC increased its stake in shares of AppLovin Co. (NASDAQ:APP) by 8.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,248 shares of the company’s stock after buying an additional 387 shares during the quarter. Lake Street Advisors Group LLC’s holdings in AppLovin were worth $685,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DT Investment Partners LLC purchased a new position in AppLovin in the third quarter worth approximately $27,000. Raleigh Capital Management Inc. purchased a new position in shares of AppLovin during the third quarter worth $29,000. ORG Wealth Partners LLC acquired a new stake in shares of AppLovin in the third quarter valued at $42,000. Quest Partners LLC purchased a new stake in shares of AppLovin in the 2nd quarter valued at $33,000. Finally, Oliver Lagore Vanvalin Investment Group acquired a new position in AppLovin during the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

AppLovin stock opened at $161.63 on Friday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a market capitalization of $53.18 billion, a P/E ratio of 96.21, a PEG ratio of 2.07 and a beta of 1.92. The firm has a fifty day moving average of $119.72 and a 200-day moving average of $93.11. AppLovin Co. has a 52-week low of $34.45 and a 52-week high of $165.38.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm’s revenue was up 44.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, analysts predict that AppLovin Co. will post 3.46 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eduardo Vivas sold 229,200 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the completion of the sale, the director now owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the transaction, the director now owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 610,094 shares of company stock worth $51,022,478 in the last three months. 14.69% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have commented on APP. Citigroup raised their price target on shares of AppLovin from $155.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their target price on AppLovin from $57.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday. Benchmark increased their price target on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research report on Friday, August 23rd. Bank of America boosted their price objective on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Finally, The Goldman Sachs Group cut shares of AppLovin from a “buy” rating to a “neutral” rating and raised their target price for the company from $103.00 to $150.00 in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $129.58.

AppLovin Profile

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.