13,500 Shares in AppLovin Corporation $APP Purchased by Purpose Unlimited Inc.

Purpose Unlimited Inc. bought a new position in shares of AppLovin Corporation (NASDAQ:APP) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 13,500 shares of the company’s stock, valued at approximately $9,097,000.

Several other institutional investors and hedge funds also recently bought and sold shares of APP. Redhawk Wealth Advisors Inc. grew its stake in shares of AppLovin by 2.9% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after buying an additional 18 shares during the period. Verdence Capital Advisors LLC raised its position in shares of AppLovin by 5.7% during the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after buying an additional 18 shares during the period. Claro Advisors LLC lifted its holdings in AppLovin by 3.2% in the third quarter. Claro Advisors LLC now owns 647 shares of the company’s stock valued at $465,000 after acquiring an additional 20 shares during the last quarter. Strategic Advocates LLC lifted its holdings in AppLovin by 0.8% in the third quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock valued at $1,851,000 after acquiring an additional 21 shares during the last quarter. Finally, Finivi Inc. grew its position in AppLovin by 3.2% in the fourth quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after acquiring an additional 22 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Price Performance

Shares of AppLovin stock opened at $469.71 on Friday. The company has a market capitalization of $157.79 billion, a P/E ratio of 40.35, a P/E/G ratio of 0.76 and a beta of 2.45. The company has a 50 day moving average of $492.23 and a 200 day moving average of $517.80. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last issued 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 during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company’s revenue was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.67 earnings per share. As a group, research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the subject of several recent analyst reports. Citigroup reissued a “buy” rating and set a $710.00 target price on shares of AppLovin in a research note on Monday, June 1st. Wells Fargo & Company upped their price target on AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. BTIG Research reissued a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Finally, Arete Research set a $340.00 price target on shares of AppLovin and gave the company a “neutral” rating in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $669.62.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 62,804 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the transaction, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 over the last ninety days. Company insiders own 13.66% of the company’s stock.

AppLovin 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.