K.J. Harrison & Partners Inc Invests $225,000 in AppLovin Corporation $APP

K.J. Harrison & Partners Inc purchased a new position in shares of AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 644 shares of the company’s stock, valued at approximately $225,000.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after acquiring an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in 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 valued at $1,745,752,000 after buying an additional 1,769,400 shares during the period. Baillie Gifford & Co. raised its holdings in AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after buying an additional 1,185,859 shares during the period. Invesco Ltd. raised 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 buying an additional 992,316 shares during the period. Finally, Kensico Capital Management Corp raised its holdings in AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after buying an additional 328,000 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief technology officer directly owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $432.49, for a total value of $86,498,000.00. Following the transaction, the director directly owned 181,929 shares of the company’s stock, valued at approximately $78,682,473.21. This represents a 52.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on APP. Oppenheimer set a $740.00 price objective on shares of AppLovin in a report on Tuesday, October 7th. Wall Street Zen lowered shares of AppLovin from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. UBS Group boosted their price objective on shares of AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a report on Friday, September 26th. Scotiabank restated an “outperform” rating on shares of AppLovin in a report on Thursday, August 28th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.39.

AppLovin Stock Down 0.8%

Shares of NASDAQ:APP opened at $632.14 on Tuesday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a market capitalization of $213.82 billion, a PE ratio of 89.79, a price-to-earnings-growth ratio of 3.46 and a beta of 2.50. The firm’s 50-day moving average is $593.42 and its two-hundred day moving average is $442.65. AppLovin Corporation has a 1 year low of $158.33 and a 1 year high of $745.61.

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

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.