Diversify Advisory Services LLC Purchases 3,823 Shares of AppLovin Co. (NASDAQ:APP)

Diversify Advisory Services LLC raised its position in shares of AppLovin Co. (NASDAQ:APP) by 32.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,549 shares of the company’s stock after acquiring an additional 3,823 shares during the period. Diversify Advisory Services LLC’s holdings in AppLovin were worth $2,030,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in APP. Lone Pine Capital LLC boosted its stake in AppLovin by 7.2% during the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after purchasing an additional 382,767 shares during the period. Jericho Capital Asset Management L.P. increased its position in AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after acquiring an additional 2,525,240 shares during the period. Fred Alger Management LLC acquired a new position in AppLovin during the 2nd quarter valued at $290,655,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin in the first quarter valued at about $195,129,000. Finally, 1832 Asset Management L.P. lifted its stake in shares of AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after buying an additional 1,357,400 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on APP. Stifel Nicolaus raised their price objective on shares of AppLovin from $100.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wedbush cut their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Benchmark raised their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Loop Capital began coverage on AppLovin in a research note on Tuesday, October 22nd. They issued a “buy” rating and a $181.00 price target on the stock. Finally, The Goldman Sachs Group cut shares of AppLovin from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average target price of $133.72.

AppLovin Price Performance

NASDAQ:APP opened at $172.24 on Wednesday. The firm’s 50-day simple moving average is $123.04 and its 200 day simple moving average is $94.65. AppLovin Co. has a 52 week low of $35.79 and a 52 week high of $172.55. The firm has a market cap of $56.67 billion, a price-to-earnings ratio of 102.52, a P/E/G ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The company’s revenue for the quarter was up 44.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.22 EPS. As a group, sell-side analysts predict that AppLovin Co. will post 3.46 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 229,200 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $86.35, for a total value of $19,791,420.00. Following the completion of the sale, the director now owns 7,412,475 shares in the company, valued at approximately $640,067,216.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 610,094 shares of company stock worth $51,022,478 in the last quarter. Insiders own 14.69% of the company’s stock.

AppLovin Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.