Zurcher Kantonalbank Zurich Cantonalbank Has $3.08 Million Stock Holdings in AppLovin Co. (NASDAQ:APP)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of AppLovin Co. (NASDAQ:APP) by 38.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 37,019 shares of the company’s stock after buying an additional 10,306 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in AppLovin were worth $3,081,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. FinTrust Capital Advisors LLC acquired a new stake in AppLovin in the 4th quarter worth about $32,000. Covestor Ltd raised its stake in AppLovin by 85.8% in the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after purchasing an additional 236 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in AppLovin in the 2nd quarter worth about $37,000. Atlas Capital Advisors LLC acquired a new stake in AppLovin in the 1st quarter worth about $38,000. Finally, Summit Securities Group LLC acquired a new stake in AppLovin in the 2nd quarter worth about $42,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of APP stock opened at $92.87 on Friday. The firm has a market capitalization of $30.56 billion, a price-to-earnings ratio of 55.28, a PEG ratio of 1.27 and a beta of 1.86. 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 business’s 50-day moving average price is $82.19 and its 200-day moving average price is $75.74. AppLovin Co. has a 12 month low of $34.45 and a 12 month high of $93.70.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping 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 the consensus estimate of $1.08 billion. During the same period last year, the company earned $0.22 EPS. The firm’s revenue was up 44.0% compared to the same quarter last year. Equities research analysts forecast that AppLovin Co. will post 2.96 EPS for the current year.

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 4,371 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $75.65, for a total transaction of $330,666.15. Following the completion of the transaction, the director now directly owns 11,565 shares of the company’s stock, valued at approximately $874,892.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AppLovin news, Director Mary Margaret Hasti Georgiadis sold 6,990 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $83.89, for a total transaction of $586,391.10. Following the completion of the transaction, the director now owns 34,178 shares in the company, valued at approximately $2,867,192.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 4,371 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $75.65, for a total transaction of $330,666.15. Following the transaction, the director now owns 11,565 shares of the company’s stock, valued at approximately $874,892.25. The disclosure for this sale can be found here. Insiders have sold a total of 637,071 shares of company stock valued at $53,971,086 over the last 90 days. 14.69% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wedbush dropped their price objective on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Stifel Nicolaus boosted their target price on shares of AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Benchmark boosted their target price on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research report on Friday, August 23rd. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday, May 9th. Finally, Jefferies Financial Group boosted their target price on shares of AppLovin from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.86.

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.