Garden State Investment Advisory Services LLC Takes $267,000 Position in AppLovin Co. (NASDAQ:APP)

Garden State Investment Advisory Services LLC purchased a new position in AppLovin Co. (NASDAQ:APP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,212 shares of the company’s stock, valued at approximately $267,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of AppLovin by 9,470.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock valued at $17,336,000 after purchasing an additional 248,022 shares in the last quarter. Gulf International Bank UK Ltd bought a new position in AppLovin in the 1st quarter valued at $1,131,000. Acadian Asset Management LLC raised its position in AppLovin by 2,081.4% in the 1st quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock valued at $1,127,000 after purchasing an additional 15,590 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in AppLovin by 167.0% in the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock worth $1,118,000 after purchasing an additional 10,099 shares in the last quarter. Finally, Park Avenue Securities LLC bought a new stake in shares of AppLovin during the second quarter worth $1,195,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Trading Up 1.7 %

NASDAQ APP opened at $126.09 on Friday. AppLovin Co. has a 12 month low of $34.45 and a 12 month high of $128.19. The stock has a 50-day simple moving average of $87.10 and a 200 day simple moving average of $79.83. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The company has a market capitalization of $41.49 billion, a PE ratio of 75.05, a P/E/G ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the business posted $0.22 EPS. AppLovin’s revenue was up 44.0% on a year-over-year basis. Research analysts forecast that AppLovin Co. will post 3.46 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 47,001 shares of AppLovin stock in a transaction on Monday, July 1st. The shares were sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the transaction, the insider now directly owns 390,615 shares of the company’s stock, valued at $33,225,711.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other AppLovin news, insider Victoria Valenzuela sold 47,001 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $85.06, for a total value of $3,997,905.06. Following the completion of the sale, the insider now directly owns 390,615 shares in the company, valued at $33,225,711.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the transaction, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 775,934 shares of company stock valued at $65,805,022. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Citigroup upped their price target on shares of AppLovin from $110.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and increased their price target for the company from $100.00 to $145.00 in a research note on Tuesday. Benchmark raised their price target on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 price objective (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Finally, Wedbush lowered their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.09.

AppLovin Company 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.