Strive Asset Management LLC Invests $7.50 Million in AppLovin Corporation $APP

Strive Asset Management LLC acquired a new position in AppLovin Corporation (NASDAQ:APP) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,434 shares of the company’s stock, valued at approximately $7,497,000. AppLovin makes up 0.2% of Strive Asset Management LLC’s holdings, making the stock its 29th largest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new position in shares of AppLovin during the fourth quarter worth about $294,000. Bison Wealth LLC purchased a new stake in AppLovin in the fourth quarter valued at approximately $239,000. Integrated Wealth Concepts LLC lifted its position in AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after purchasing an additional 621 shares during the last quarter. AlphaQuest LLC grew its stake in AppLovin by 1,143.9% in the 2nd quarter. AlphaQuest LLC now owns 510 shares of the company’s stock worth $179,000 after buying an additional 469 shares in the last quarter. Finally, World Investment Advisors bought a new position in shares of AppLovin in the 2nd quarter worth $669,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Trading Down 0.4%

NASDAQ APP opened at $432.98 on Tuesday. The stock has a 50-day moving average of $533.45 and a 200-day moving average of $572.35. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61. The firm has a market cap of $146.03 billion, a PE ratio of 44.41, a price-to-earnings-growth ratio of 0.89 and a beta of 2.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.35. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the company posted $1.73 earnings per share. The business’s revenue was up 66.0% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Ratings Changes

APP has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price objective on shares of AppLovin from $735.00 to $543.00 and set an “overweight” rating for the company in a report on Thursday, February 12th. Citigroup dropped their price target on AppLovin from $820.00 to $710.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Arete Research set a $340.00 price objective on AppLovin and gave the stock a “neutral” rating in a report on Monday. UBS Group set a $740.00 price objective on AppLovin in a report on Thursday, February 12th. Finally, Zacks Research downgraded AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Twenty-one investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $658.14.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 150 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $693.32, for a total value of $103,998.00. Following the sale, the director directly owned 2,829 shares of the company’s stock, valued at $1,961,402.28. This trade represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Victoria Valenzuela sold 7,609 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $657.13, for a total value of $5,000,102.17. Following the transaction, the insider directly owned 277,110 shares of the company’s stock, valued at $182,097,294.30. The trade was a 2.67% decrease in their position. The disclosure for this sale is available in the SEC filing. 13.66% of the stock is owned by company insiders.

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.