KLP Kapitalforvaltning AS Boosts Stock Position in AppLovin Corporation $APP

KLP Kapitalforvaltning AS lifted its stake in AppLovin Corporation (NASDAQ:APP) by 35.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 109,850 shares of the company’s stock after purchasing an additional 28,700 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in AppLovin were worth $38,456,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new stake in AppLovin in the 4th quarter valued at $294,000. Bison Wealth LLC acquired a new position in shares of AppLovin during the 4th quarter valued at about $239,000. NBC Securities Inc. purchased a new stake in shares of AppLovin in the first quarter valued at about $34,000. Wedmont Private Capital grew its holdings in shares of AppLovin by 12.2% in the first quarter. Wedmont Private Capital now owns 7,095 shares of the company’s stock valued at $1,773,000 after purchasing an additional 773 shares during the period. Finally, Park Avenue Securities LLC increased its position in AppLovin by 11.5% during the first quarter. Park Avenue Securities LLC now owns 16,000 shares of the company’s stock worth $4,240,000 after purchasing an additional 1,652 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 125,000 shares of AppLovin stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total value of $58,250,000.00. Following the completion of the transaction, the director owned 7,283,292 shares in the company, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last 90 days. 13.66% of the stock is owned by insiders.

AppLovin Stock Down 14.0%

Shares of NASDAQ APP opened at $587.00 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The business’s 50 day moving average is $518.90 and its two-hundred day moving average is $393.96. AppLovin Corporation has a 52-week low of $137.20 and a 52-week high of $745.61. The firm has a market cap of $198.55 billion, a price-to-earnings ratio of 83.38, a PEG 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 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company’s quarterly revenue was up 77.1% on a year-over-year basis. During the same period last year, the business posted $0.89 earnings per share. Research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on APP. Bank of America boosted their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. BTIG Research upped their price objective on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a report on Monday, September 15th. Piper Sandler increased their price objective on AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Scotiabank reissued an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. Finally, Phillip Securities raised AppLovin to a “moderate buy” rating in a research note on Monday, September 29th. Two investment 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 company has an average rating of “Moderate Buy” and a consensus price target of $579.81.

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.