Flagship Harbor Advisors LLC Takes Position in AppLovin Corporation $APP

Flagship Harbor Advisors LLC purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 664 shares of the company’s stock, valued at approximately $232,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legal Advantage Investments Inc. acquired a new position in AppLovin in the second quarter valued at about $1,523,000. Park Avenue Securities LLC lifted its position in AppLovin by 30.6% in the second quarter. Park Avenue Securities LLC now owns 20,890 shares of the company’s stock valued at $7,313,000 after buying an additional 4,890 shares during the last quarter. IFM Investors Pty Ltd lifted its position in AppLovin by 15.6% in the second quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company’s stock valued at $15,827,000 after buying an additional 6,104 shares during the last quarter. Aberdeen Group plc lifted its position in AppLovin by 6.5% in the second quarter. Aberdeen Group plc now owns 114,180 shares of the company’s stock valued at $39,972,000 after buying an additional 7,001 shares during the last quarter. Finally, Lee Johnson Capital Management LLC lifted its position in AppLovin by 13.6% in the second quarter. Lee Johnson Capital Management LLC now owns 12,449 shares of the company’s stock valued at $4,358,000 after buying an additional 1,491 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Up 2.7%

APP stock opened at $637.33 on Friday. The company’s 50 day moving average price is $589.79 and its 200 day moving average price is $438.41. 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 Corporation has a fifty-two week low of $158.33 and a fifty-two week high of $745.61. The firm has a market capitalization of $215.58 billion, a price-to-earnings ratio of 90.53, a PEG ratio of 3.46 and a beta of 2.53.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Wedbush reaffirmed an “outperform” rating and issued a $745.00 target price on shares of AppLovin in a research report on Thursday. Bank of America boosted their price target on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. The Goldman Sachs Group reiterated a “neutral” rating and set a $630.00 price target on shares of AppLovin in a research note on Tuesday, October 14th. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Royal Bank Of Canada started coverage on shares of AppLovin in a research note on Monday, October 13th. They set an “outperform” rating and a $700.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.39.

Insider Activity

In related news, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares in the company, valued at $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last three months. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Company 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.