Sierra Summit Advisors LLC Grows Stock Position in AppLovin Corporation $APP

Sierra Summit Advisors LLC increased its holdings in AppLovin Corporation (NASDAQ:APP) by 59.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,486 shares of the company’s stock after buying an additional 6,901 shares during the period. AppLovin comprises about 1.9% of Sierra Summit Advisors LLC’s holdings, making the stock its 19th largest position. Sierra Summit Advisors LLC’s holdings in AppLovin were worth $12,456,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Board of the Pension Protection Fund purchased a new stake in shares of AppLovin in the 4th quarter worth about $27,000. Washington Trust Advisors Inc. boosted its position in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 24 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in shares of AppLovin in the 3rd quarter worth about $29,000. Activest Wealth Management boosted its position in shares of AppLovin by 760.0% in the 3rd quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after buying an additional 38 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of AppLovin in the 4th quarter worth about $32,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 50,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total transaction 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. This represents a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the transaction, the chief technology officer directly owned 3,255,273 shares of the company’s stock, valued at approximately $1,583,462,445.39. This represents a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 365,244 shares of company stock worth $169,584,607. Corporate insiders own 13.66% of the company’s stock.

AppLovin Price Performance

NASDAQ:APP opened at $482.28 on Thursday. The firm has a market cap of $162.02 billion, a price-to-earnings ratio of 41.43, a price-to-earnings-growth ratio of 0.78 and a beta of 2.37. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company’s 50-day moving average is $445.73 and its two-hundred day moving average is $525.32. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 EPS. Research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. Oppenheimer decreased their price objective on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Evercore reiterated a “buy” rating on shares of AppLovin in a research report on Friday, January 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $700.00 target price on shares of AppLovin in a report on Thursday, February 12th. Finally, Morgan Stanley set a $720.00 target price on shares of AppLovin in a report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $664.35.

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.