Illumine Investment Management LLC Takes $4.12 Million Position in AppLovin Corporation $APP

Illumine Investment Management LLC purchased a new stake in AppLovin Corporation (NASDAQ:APP) during the third quarter, Holdings Channel reports. The institutional investor purchased 5,740 shares of the company’s stock, valued at approximately $4,124,000. AppLovin comprises 2.9% of Illumine Investment Management LLC’s investment portfolio, making the stock its 4th biggest position.

Other large investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of AppLovin by 2.8% during the third quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock worth $504,000 after purchasing an additional 19 shares in the last quarter. Optas LLC boosted its holdings in AppLovin by 2.5% in the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after buying an additional 21 shares during the last quarter. Bartlett & CO. Wealth Management LLC increased its stake in AppLovin by 19.6% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock worth $96,000 after buying an additional 22 shares in the last quarter. Avestar Capital LLC raised its holdings in shares of AppLovin by 2.1% during the second quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock valued at $391,000 after acquiring an additional 23 shares during the last quarter. Finally, Proffitt & Goodson Inc. lifted its position in shares of AppLovin by 65.7% in the third quarter. Proffitt & Goodson Inc. now owns 58 shares of the company’s stock valued at $42,000 after acquiring an additional 23 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on APP shares. JPMorgan Chase & Co. boosted their price target on AppLovin from $425.00 to $650.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Wells Fargo & Company increased their target price on shares of AppLovin from $721.00 to $735.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research report on Tuesday, January 20th. Evercore ISI reissued a “buy” rating on shares of AppLovin in a research note on Friday. Finally, The Goldman Sachs Group increased their price target on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $706.45.

AppLovin Trading Up 2.1%

Shares of AppLovin stock opened at $483.00 on Tuesday. The stock has a 50 day moving average of $633.80 and a 200 day moving average of $569.61. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The firm has a market capitalization of $163.23 billion, a price-to-earnings ratio of 58.62, a PEG ratio of 1.56 and a beta of 2.49. AppLovin Corporation has a fifty-two week low of $200.50 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.34 by $0.11. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company’s quarterly revenue was up 68.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.29 EPS. As a group, research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 7,609 shares of the business’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 sale, the insider directly owned 277,110 shares of the company’s stock, valued at approximately $182,097,294.30. The trade was a 2.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the transaction, the chief technology officer directly owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. The trade was a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 340,336 shares of company stock valued at $200,062,623 in the last ninety days. 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.