Red Tortoise LLC Invests $193,000 in AppLovin Corporation $APP

Red Tortoise LLC purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 550 shares of the company’s stock, valued at approximately $193,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Atala Financial Inc purchased a new position in shares of AppLovin during the 1st quarter worth $26,000. Hilltop National Bank purchased a new position in AppLovin during the second quarter worth about $26,000. Alpine Bank Wealth Management acquired a new stake in shares of AppLovin during the first quarter valued at about $27,000. ORG Wealth Partners LLC purchased a new stake in shares of AppLovin in the 1st quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of AppLovin in the 1st quarter worth approximately $29,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

APP has been the subject of several research reports. Citigroup lifted their target price on shares of AppLovin from $600.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company raised their price target on AppLovin from $480.00 to $491.00 and gave the stock an “overweight” rating in a research report on Thursday, August 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of AppLovin in a research note on Saturday, September 27th. Jefferies Financial Group increased their target price on AppLovin from $560.00 to $615.00 and gave the stock a “buy” rating in a research note on Friday, September 5th. Finally, Phillip Securities raised AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $578.86.

Insider Activity at AppLovin

In other news, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares of the company’s stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. 13.66% of the stock is owned by insiders.

AppLovin Stock Down 0.1%

Shares of NASDAQ:APP opened at $682.76 on Monday. AppLovin Corporation has a fifty-two week low of $135.50 and a fifty-two week high of $745.61. The firm’s 50 day moving average price is $514.58 and its 200 day moving average price is $392.05. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $230.94 billion, a price-to-earnings ratio of 96.98, a price-to-earnings-growth ratio of 3.74 and a beta of 2.53.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.89 EPS. As a group, equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.