Sovereign Financial Group Inc. Boosts Stock Position in AppLovin Corporation $APP

Sovereign Financial Group Inc. grew its position in AppLovin Corporation (NASDAQ:APP) by 2,117.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,587 shares of the company’s stock after purchasing an additional 6,290 shares during the period. Sovereign Financial Group Inc.’s holdings in AppLovin were worth $2,622,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Allworth Financial LP boosted its holdings in AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the last quarter. APG Asset Management N.V. acquired a new position in shares of AppLovin in the 3rd quarter valued at about $4,958,000. Franklin Resources Inc. boosted its stake in shares of AppLovin by 24.9% in the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after buying an additional 487,492 shares during the last quarter. TIAA Trust National Association boosted its stake in shares of AppLovin by 431.7% in the third quarter. TIAA Trust National Association now owns 52,749 shares of the company’s stock worth $37,902,000 after buying an additional 42,829 shares during the last quarter. Finally, Generate Investment Management Ltd acquired a new stake in AppLovin during the fourth quarter worth about $2,347,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

AppLovin stock opened at $469.39 on Tuesday. The stock has a market capitalization of $157.69 billion, a P/E ratio of 40.33, a P/E/G ratio of 0.76 and a beta of 2.45. The company’s fifty day moving average price is $494.04 and its 200 day moving average price is $515.77. 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 1 year low of $320.00 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. As a group, equities research analysts anticipate that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Arete Research set a $340.00 price target on AppLovin and gave the company a “neutral” rating in a report on Monday, March 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. JPMorgan Chase & Co. increased their price target on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. Finally, Benchmark reissued a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. One 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $669.62.

Insider Buying and Selling at AppLovin

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction dated 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 transaction, the director owned 123,520 shares in the company, valued at $71,893,580.80. This represents a 2.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 389,924 shares of company stock valued at $195,693,875. Corporate insiders own 13.66% of the company’s stock.

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.