Highland Capital Management LLC Has $1.94 Million Stock Holdings in AppLovin Corporation $APP

Highland Capital Management LLC cut its holdings in AppLovin Corporation (NASDAQ:APP) by 47.8% in the second quarter, HoldingsChannel reports. The firm owned 5,532 shares of the company’s stock after selling 5,057 shares during the period. Highland Capital Management LLC’s holdings in AppLovin were worth $1,937,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vestcor Inc raised its position in shares of AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock valued at $1,088,000 after purchasing an additional 33 shares during the period. Fortitude Family Office LLC lifted its position in AppLovin by 32.7% during the 2nd quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock worth $48,000 after acquiring an additional 34 shares during the last quarter. GSG Advisors LLC boosted its holdings in AppLovin by 0.3% during the first quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock valued at $2,820,000 after acquiring an additional 35 shares during the period. Argentarii LLC grew its position in shares of AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company’s stock valued at $699,000 after purchasing an additional 40 shares during the last quarter. Finally, Atlas Capital Advisors Inc. increased its stake in shares of AppLovin by 11.3% in the first quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company’s stock worth $104,000 after purchasing an additional 40 shares during the period. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on APP shares. Citigroup boosted their target price on shares of AppLovin from $600.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group increased their target price on shares of AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, September 26th. BTIG Research upped their price target on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a report on Monday, September 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of AppLovin in a report on Saturday, September 27th. Finally, Bank of America upped their target price on AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $578.86.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider directly owned 269,955 shares in the company, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dawson Alyssa Harvey sold 350 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares of the company’s stock, valued at approximately $1,537,105.50. This represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is owned by insiders.

AppLovin Price Performance

Shares of AppLovin stock opened at $682.76 on Monday. AppLovin Corporation has a 1-year low of $135.50 and a 1-year high of $745.61. The firm’s 50-day moving average price is $514.58 and its two-hundred day moving average price is $392.05. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market capitalization of $230.94 billion, a price-to-earnings ratio of 96.98, a P/E/G ratio of 3.74 and a beta of 2.53.

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