Hennessy Advisors Inc. Takes Position in AppLovin Corporation $APP

Hennessy Advisors Inc. acquired a new position in shares of AppLovin Corporation (NASDAQ:APP) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 378 shares of the company’s stock, valued at approximately $132,000.

A number of other large investors also recently bought and sold shares of APP. Vanguard Group Inc. increased its position in shares of AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Invesco Ltd. increased its holdings in AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock valued at $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp raised its position in AppLovin by 12.9% in the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after purchasing an additional 328,000 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on APP. Wells Fargo & Company raised their price target on AppLovin from $480.00 to $491.00 and gave the stock an “overweight” rating in a research report on Thursday, August 21st. Scotiabank restated an “outperform” rating on shares of AppLovin in a report on Thursday, August 28th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. Citigroup increased their price target on shares of AppLovin from $600.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Zacks Research upgraded shares of AppLovin to a “strong-buy” rating in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $578.86.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This represents a 3.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Victoria Valenzuela sold 35,000 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares in the company, valued at $135,579,499.65. This trade represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last ninety days. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Down 0.1%

APP stock opened at $682.76 on Monday. The company’s 50 day moving average price is $514.58 and its 200 day moving average price is $392.05. The firm has a market capitalization of $230.94 billion, a price-to-earnings ratio of 96.98, a PEG ratio of 3.74 and a beta of 2.53. AppLovin Corporation has a fifty-two week low of $135.50 and a fifty-two week high of $745.61. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the business posted $0.89 EPS. The firm’s revenue was up 77.1% on a year-over-year basis. On average, equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

About AppLovin

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.