1,582 Shares in AppLovin Corporation $APP Acquired by Knights of Columbus Asset Advisors LLC

Key Points

• Knights of Columbus Asset Advisors LLC acquired 1,582 shares of AppLovin Corporation, valued at approximately $554,000, reflecting growing institutional interest in the company.
• AppLovin reported earnings per share of $2.26, exceeding analysts' expectations of $2.05, and generated revenue of $1.26 billion for the quarter.
• Analysts have set a new consensus price target of $579.81 for AppLovin, with several firms upgrading their ratings and price targets for the stock.

Knights of Columbus Asset Advisors LLC bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,582 shares of the company's stock, valued at approximately $554,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Atala Financial Inc acquired a new stake in AppLovin in the first quarter valued at approximately $26,000. Hilltop National Bank acquired a new stake in AppLovin in the second quarter valued at approximately $26,000. Alpine Bank Wealth Management acquired a new stake in AppLovin in the first quarter valued at approximately $27,000. ORG Wealth Partners LLC acquired a new stake in AppLovin in the first quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in AppLovin in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ APP opened at $631.85 on Wednesday. AppLovin Corporation has a twelve month low of $139.40 and a twelve month high of $745.61. The firm has a fifty day simple moving average of $524.30 and a 200 day simple moving average of $395.61. The company has a market capitalization of $213.72 billion, a PE ratio of 89.75, a P/E/G ratio of 3.22 and a beta of 2.53. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last announced 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 business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the firm earned $0.89 earnings per share. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Jefferies Financial Group raised their target price on shares of AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Benchmark raised their price target on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Wells Fargo & Company raised their price target on shares of AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research note on Thursday, August 21st. Wall Street Zen downgraded shares of AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, BTIG Research raised their price target on shares of AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $579.81.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the sale, the director directly owned 181,929 shares in the company, valued at approximately $78,682,473.21. This trade represents a 52.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction on 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 sale, the chief technology officer owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 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 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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Corporation (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.