Sierra Summit Advisors LLC Increases Holdings in AppLovin Corporation $APP

Sierra Summit Advisors LLC raised its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 41.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,162 shares of the company’s stock after purchasing an additional 7,676 shares during the period. AppLovin accounts for about 1.5% of Sierra Summit Advisors LLC’s holdings, making the stock its 26th largest holding. Sierra Summit Advisors LLC’s holdings in AppLovin were worth $10,412,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after acquiring an additional 166,117 shares during the period. State Street Corp increased its position in AppLovin by 0.4% during the 4th quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after purchasing an additional 52,377 shares during the period. Geode Capital Management LLC increased its position in AppLovin by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after purchasing an additional 448,005 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after purchasing an additional 212,349 shares in the last quarter. Finally, Morgan Stanley raised its holdings in AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after purchasing an additional 538,806 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Activity at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction dated Friday, June 5th. The stock was 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 directly owned 123,520 shares of the company’s stock, valued at $71,893,580.80. This trade represents a 2.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 389,924 shares of company stock worth $195,693,875 in the last ninety days. 13.66% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on APP shares. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Needham & Company LLC reissued a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. UBS Group lowered their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Argus assumed coverage on AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price target on the stock. Finally, Wells Fargo & Company upped their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $668.27.

AppLovin Stock Down 6.7%

Shares of NASDAQ:APP opened at $527.06 on Friday. 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 stock has a fifty day simple moving average of $500.97 and a two-hundred day simple moving average of $504.62. AppLovin Corporation has a 12-month low of $325.58 and a 12-month high of $745.61. The stock has a market capitalization of $177.06 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 0.91 and a beta of 2.49.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 earnings per share. On average, research analysts anticipate that AppLovin Corporation will post 15.96 earnings per share for the current fiscal year.

About AppLovin

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.