Sanctuary Advisors LLC Invests $241,000 in AppLovin Co. (NASDAQ:APP)

Sanctuary Advisors LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,898 shares of the company’s stock, valued at approximately $241,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Clearbridge Investments LLC grew its holdings in shares of AppLovin by 73.0% during the second quarter. Clearbridge Investments LLC now owns 893,344 shares of the company’s stock worth $74,344,000 after buying an additional 376,835 shares during the last quarter. Dana Investment Advisors Inc. grew its holdings in shares of AppLovin by 5.6% during the second quarter. Dana Investment Advisors Inc. now owns 11,438 shares of the company’s stock worth $952,000 after buying an additional 604 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of AppLovin by 115.3% during the second quarter. Cetera Investment Advisers now owns 30,619 shares of the company’s stock worth $2,548,000 after buying an additional 16,397 shares during the last quarter. Truist Financial Corp grew its holdings in shares of AppLovin by 510.9% during the second quarter. Truist Financial Corp now owns 27,697 shares of the company’s stock worth $2,305,000 after buying an additional 23,163 shares during the last quarter. Finally, Chase Investment Counsel Corp purchased a new position in shares of AppLovin during the second quarter worth about $596,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Trading Up 1.6 %

Shares of AppLovin stock opened at $145.22 on Friday. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. AppLovin Co. has a 1 year low of $34.45 and a 1 year high of $148.48. The company has a market capitalization of $47.78 billion, a P/E ratio of 86.44, a P/E/G ratio of 2.07 and a beta of 1.92. The business has a 50 day moving average price of $111.99 and a 200 day moving average price of $90.27.

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

Analyst Ratings Changes

A number of brokerages have weighed in on APP. Bank of America lifted their price objective on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $103.00 to $150.00 in a report on Monday, October 14th. Jefferies Financial Group lifted their price objective on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Benchmark lifted their price objective on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $105.00 price objective (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $110.01.

Insider Buying and Selling

In related news, CFO Matthew Stumpf sold 60,615 shares of AppLovin stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the completion of the transaction, the chief financial officer now directly owns 254,458 shares in the company, valued at $20,262,490.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now owns 254,458 shares of the company’s stock, valued at $20,262,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 610,094 shares of company stock worth $51,022,478 in the last ninety days. 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.