AppLovin Co. (NASDAQ:APP) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC lessened its stake in shares of AppLovin Co. (NASDAQ:APP) by 14.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 24,106 shares of the company’s stock after selling 4,014 shares during the period. Highland Capital Management LLC’s holdings in AppLovin were worth $2,006,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FinTrust Capital Advisors LLC acquired a new stake in shares of AppLovin in the fourth quarter worth $32,000. Covestor Ltd increased its stake in AppLovin by 85.8% in the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after buying an additional 236 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in AppLovin in the 2nd quarter worth approximately $37,000. Atlas Capital Advisors LLC purchased a new position in shares of AppLovin during the 1st quarter valued at $38,000. Finally, ORG Partners LLC boosted its position in AppLovin by 212.0% during the first quarter. ORG Partners LLC now owns 624 shares of the company’s stock valued at $43,000 after purchasing an additional 424 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on APP shares. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 price target (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Jefferies Financial Group increased their price target on shares of AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. BTIG Research upped their price objective on shares of AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Benchmark boosted their price target on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research report on Friday. Finally, Stifel Nicolaus upped their price target on AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.86.

Insider Buying and Selling at AppLovin

In related news, Director Eduardo Vivas sold 118,839 shares of AppLovin stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the transaction, the director now owns 7,641,531 shares of the company’s stock, valued at approximately $693,468,938.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Matthew Stumpf sold 60,615 shares of AppLovin stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the transaction, the chief financial officer now owns 254,458 shares in the company, valued at approximately $20,262,490.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eduardo Vivas sold 118,839 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $90.75, for a total value of $10,784,639.25. Following the sale, the director now directly owns 7,641,531 shares of the company’s stock, valued at $693,468,938.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 637,071 shares of company stock valued at $53,971,086. 14.69% of the stock is currently owned by company insiders.

AppLovin Trading Up 1.4 %

Shares of APP traded up $1.30 during trading hours on Monday, hitting $91.50. 69,256 shares of the stock traded hands, compared to its average volume of 4,074,167. The business has a fifty day moving average of $81.06 and a 200-day moving average of $74.39. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 4.59. The firm has a market capitalization of $30.10 billion, a PE ratio of 53.78, a price-to-earnings-growth ratio of 1.27 and a beta of 1.86. AppLovin Co. has a 1-year low of $34.45 and a 1-year high of $92.50.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.12. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the business posted $0.22 earnings per share. AppLovin’s revenue was up 44.0% compared to the same quarter last year. Analysts expect that AppLovin Co. will post 2.96 EPS for the current 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.