Elevation Point Wealth Partners LLC Purchases 8,235 Shares of AppLovin Corporation $APP

Elevation Point Wealth Partners LLC boosted its position in shares of AppLovin Corporation (NASDAQ:APP) by 328.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 10,740 shares of the company’s stock after purchasing an additional 8,235 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in AppLovin were worth $4,275,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of APP. Sound Income Strategies LLC lifted its stake in shares of AppLovin by 12.6% in the first quarter. Sound Income Strategies LLC now owns 511 shares of the company’s stock worth $198,000 after buying an additional 57 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of AppLovin during the first quarter valued at approximately $1,099,000. WD Rutherford LLC increased its position in shares of AppLovin by 19.8% during the first quarter. WD Rutherford LLC now owns 7,023 shares of the company’s stock valued at $2,795,000 after acquiring an additional 1,160 shares in the last quarter. Cane Capital Partners LLC purchased a new position in AppLovin in the 1st quarter worth approximately $206,000. Finally, USS Investment Management Ltd raised its holdings in AppLovin by 269.9% in the 1st quarter. USS Investment Management Ltd now owns 155,818 shares of the company’s stock worth $62,028,000 after acquiring an additional 113,689 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on APP. KeyCorp set a $775.00 price target on AppLovin in a research note on Wednesday, June 10th. Citigroup reiterated a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. UBS Group decreased their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Raymond James Financial initiated coverage on shares of AppLovin in a research note on Monday. They set a “strong-buy” rating and a $640.00 target price on the stock. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of AppLovin in a report on Tuesday, June 9th. 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 data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $668.27.

Insider Activity at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the sale, the director directly owned 123,520 shares of the company’s stock, valued at approximately $71,893,580.80. This represents a 2.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 389,924 shares of company stock valued at $195,693,875 in the last three months. Corporate insiders own 13.66% of the company’s stock.

AppLovin Price Performance

AppLovin stock opened at $527.06 on Friday. The stock has a market cap of $177.06 billion, a PE ratio of 45.28, a price-to-earnings-growth ratio of 0.85 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 Corporation has a one year low of $325.58 and a one year high of $745.61. The stock has a fifty day moving average of $501.83 and a 200 day moving average of $504.78.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the firm posted $1.67 earnings per share. The business’s revenue for the quarter was up 58.9% on a year-over-year basis. As a group, sell-side analysts predict that AppLovin Corporation will post 15.96 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.