Chase Investment Counsel Corp Takes $596,000 Position in AppLovin Co. (NASDAQ:APP)

Chase Investment Counsel Corp purchased a new stake in AppLovin Co. (NASDAQ:APP) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 7,172 shares of the company’s stock, valued at approximately $596,000.

A number of other large investors have also made changes to their positions in the stock. Fred Alger Management LLC acquired a new stake in AppLovin in the 2nd quarter valued at about $290,655,000. Whale Rock Capital Management LLC acquired a new stake in AppLovin in the 1st quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. grew its stake in AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares during the last quarter. 1832 Asset Management L.P. grew its stake in AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after acquiring an additional 1,357,400 shares during the last quarter. Finally, Jackson Square Partners LLC acquired a new stake in AppLovin in the 1st quarter valued at about $54,736,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Jefferies Financial Group increased their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. 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. Bank of America raised their price target on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Wedbush decreased their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, Macquarie reaffirmed an “outperform” rating and set a $150.00 price target (up from $115.00) on shares of AppLovin in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $106.44.

Insider Activity at AppLovin

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the transaction, the director now owns 10,247 shares in the company, valued at $900,711.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares in the company, valued at $88,121,489.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 728,933 shares of company stock worth $61,807,117. Company insiders own 14.69% of the company’s stock.

AppLovin Price Performance

APP opened at $127.75 on Monday. The company’s 50 day simple moving average is $92.41 and its 200 day simple moving average is $82.86. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. AppLovin Co. has a 1 year low of $34.45 and a 1 year high of $133.05. The stock has a market capitalization of $42.03 billion, a PE ratio of 76.04, a P/E/G ratio of 1.82 and a beta of 1.88.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period last year, the company earned $0.22 earnings per share. The company’s quarterly revenue was up 44.0% on a year-over-year basis. As a group, sell-side analysts expect that AppLovin Co. will post 3.46 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.