Parkside Financial Bank & Trust Purchases 1,671 Shares of AppLovin Corporation $APP

Parkside Financial Bank & Trust increased its holdings in AppLovin Corporation (NASDAQ:APP) by 142.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,840 shares of the company’s stock after acquiring an additional 1,671 shares during the quarter. Parkside Financial Bank & Trust’s holdings in AppLovin were worth $1,463,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new position in AppLovin during the 4th quarter valued at about $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin in the 4th quarter valued at about $239,000. Integrated Wealth Concepts LLC lifted its position in shares of AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares during the period. NewEdge Advisors LLC lifted its position in shares of AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after purchasing an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in shares of AppLovin by 7.2% during the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after purchasing an additional 9,380 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director G Jr sold 3,076 shares of AppLovin stock in a transaction on Monday, July 6th. The shares were sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the sale, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 250,319 shares of company stock valued at $124,797,873. Insiders own 12.81% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on APP shares. The Goldman Sachs Group cut their price objective on shares of AppLovin from $585.00 to $465.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Phillip Securities upgraded AppLovin from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Needham & Company LLC dropped their target price on AppLovin from $500.00 to $475.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Finally, Morgan Stanley reduced their price target on AppLovin from $720.00 to $650.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $538.09.

AppLovin Stock Performance

APP opened at $312.01 on Wednesday. The company has a market cap of $104.41 billion, a P/E ratio of 23.98, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm’s 50-day moving average price is $386.96 and its 200-day moving average price is $439.58. AppLovin Corporation has a 52-week low of $297.50 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last released its earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting analysts’ consensus estimates of $3.76. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. AppLovin’s revenue for the quarter was up 52.8% on a year-over-year basis. During the same period last year, the business earned $2.39 EPS. As a group, equities analysts anticipate that AppLovin Corporation will post 15.53 EPS for the current fiscal year.

AppLovin Company Profile

AppLovin Corporation (NASDAQ: APP) is a technology company that provides software and services designed to help mobile application developers grow their businesses. Its platform supports user acquisition, advertising, monetization, measurement and other functions that enable developers to attract users and generate revenue from their applications.

AppLovin’s offerings include AXON, an artificial-intelligence-powered software engine used to optimize advertising and user-acquisition campaigns; MAX, a platform for managing in-app advertising and mediation; and AppDiscovery, which helps developers promote their applications.