Morse Asset Management Inc Boosts Holdings in AppLovin Corporation $APP

Morse Asset Management Inc raised its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 268.2% in the third quarter, Holdings Channel reports. The institutional investor owned 6,260 shares of the company’s stock after acquiring an additional 4,560 shares during the period. Morse Asset Management Inc’s holdings in AppLovin were worth $4,498,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin during the 4th quarter worth $294,000. Bison Wealth LLC purchased a new stake in shares of AppLovin in the 4th quarter worth $239,000. Integrated Wealth Concepts LLC increased its stake in shares of AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares in the last quarter. Foundations Investment Advisors LLC increased its stake in shares of AppLovin by 5.7% in the 2nd quarter. Foundations Investment Advisors LLC now owns 7,122 shares of the company’s stock worth $2,493,000 after purchasing an additional 385 shares in the last quarter. Finally, Empower Advisory Group LLC purchased a new stake in shares of AppLovin in the 2nd quarter worth $273,000. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

APP has been the topic of several analyst reports. Wedbush lifted their target price on AppLovin from $465.00 to $640.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Arete Research set a $340.00 price target on AppLovin and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Jefferies Financial Group decreased their price objective on AppLovin from $860.00 to $700.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Wells Fargo & Company lowered their price objective on AppLovin from $735.00 to $543.00 and set an “overweight” rating on the stock in a research report on Thursday, February 12th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $700.00 price objective on shares of AppLovin in a research note on Thursday, February 12th. Twenty investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $654.50.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 7,609 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $657.13, for a total value of $5,000,102.17. Following the transaction, the insider directly owned 277,110 shares of the company’s stock, valued at approximately $182,097,294.30. The trade was a 2.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares of the company’s stock, valued at $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 188,033 shares of company stock valued at $90,662,374. Corporate insiders own 13.66% of the company’s stock.

AppLovin Trading Down 1.2%

Shares of APP stock opened at $453.30 on Tuesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 3.32 and a current ratio of 3.32. The stock has a fifty day simple moving average of $490.72 and a two-hundred day simple moving average of $574.61. The firm has a market capitalization of $152.89 billion, a PE ratio of 46.49, a PEG ratio of 0.81 and a beta of 2.51. AppLovin Corporation has a 52-week low of $200.50 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 EPS for the quarter, beating the consensus estimate of $2.89 by $0.35. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.61 billion. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.During the same period in the previous year, the business earned $1.73 earnings per share. The business’s revenue was up 66.0% on a year-over-year basis. On average, analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.