Edgestream Partners L.P. Purchases Shares of 54,132 AppLovin Co. (NYSE:APP)

Edgestream Partners L.P. purchased a new stake in shares of AppLovin Co. (NYSE:APP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 54,132 shares of the company’s stock, valued at approximately $1,393,000.

Several other hedge funds have also bought and sold shares of APP. Signaturefd LLC lifted its position in shares of AppLovin by 74.9% in the first quarter. Signaturefd LLC now owns 1,810 shares of the company’s stock valued at $29,000 after acquiring an additional 775 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of AppLovin by 254.5% in the first quarter. Parkside Financial Bank & Trust now owns 1,861 shares of the company’s stock valued at $29,000 after acquiring an additional 1,336 shares in the last quarter. Manchester Capital Management LLC purchased a new position in shares of AppLovin in the first quarter valued at about $39,000. Harvest Fund Management Co. Ltd purchased a new position in shares of AppLovin in the first quarter valued at about $42,000. Finally, JPMorgan Chase & Co. lifted its position in shares of AppLovin by 99.0% in the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after acquiring an additional 488 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Trading Up 1.0 %

APP opened at $39.50 on Tuesday. The stock has a market cap of $13.26 billion, a price-to-earnings ratio of 131.67, a P/E/G ratio of 2.32 and a beta of 1.83. The stock’s 50 day moving average price is $39.49 and its 200-day moving average price is $32.88. AppLovin Co. has a one year low of $9.14 and a one year high of $45.10. The company has a debt-to-equity ratio of 2.67, a quick ratio of 1.61 and a current ratio of 1.61.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on APP. Bank of America boosted their price objective on AppLovin from $41.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, September 14th. Jefferies Financial Group upgraded AppLovin from a “hold” rating to a “buy” rating and boosted their target price for the stock from $20.00 to $50.00 in a research report on Tuesday, August 22nd. Wedbush boosted their target price on AppLovin from $48.00 to $58.50 and gave the stock an “outperform” rating in a research report on Thursday, November 9th. DA Davidson boosted their target price on AppLovin from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, August 11th. Finally, JPMorgan Chase & Co. boosted their target price on AppLovin from $21.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $44.00.

Insider Activity

In related news, Director Craig Scott Billings sold 5,142 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $43.09, for a total value of $221,568.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Craig Scott Billings sold 5,142 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $43.09, for a total value of $221,568.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eduardo Vivas sold 474,357 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $41.76, for a total value of $19,809,148.32. Following the completion of the transaction, the director now directly owns 9,078,178 shares in the company, valued at approximately $379,104,713.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 531,894 shares of company stock valued at $22,120,834. 12.43% of the stock is currently owned by insiders.

About AppLovin

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction; and Wurl, a connected TV platform, which primarily distributes streaming video for content companies.