Tcfg Wealth Management LLC Purchases 185 Shares of AppLovin Corporation $APP

Tcfg Wealth Management LLC raised its position in AppLovin Corporation (NASDAQ:APP) by 18.5% during the second quarter, Holdings Channel reports. The firm owned 1,187 shares of the company’s stock after purchasing an additional 185 shares during the period. Tcfg Wealth Management LLC’s holdings in AppLovin were worth $416,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after buying an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares during the period. Baillie Gifford & Co. raised its position in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares in the last quarter. Invesco Ltd. raised its position in shares of AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after acquiring an additional 992,316 shares in the last quarter. Finally, Kensico Capital Management Corp lifted its stake in shares of AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after purchasing an additional 328,000 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 90,000 shares of the business’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the sale, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares in the company, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by insiders.

AppLovin Trading Down 14.0%

NASDAQ APP opened at $587.00 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52 week low of $137.20 and a 52 week high of $745.61. The business has a 50 day moving average price of $518.90 and a 200-day moving average price of $393.96. The company has a market cap of $198.55 billion, a price-to-earnings ratio of 83.38, a P/E/G ratio of 3.74 and a beta of 2.53.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. BTIG Research raised their target price on AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Oppenheimer increased their price target on AppLovin from $500.00 to $740.00 and gave the stock an “outperform” rating in a report on Tuesday, September 23rd. Benchmark raised their price objective on shares of AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Wedbush lifted their price objective on shares of AppLovin from $725.00 to $745.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Bank of America increased their target price on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $579.81.

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.