Advisors Capital Management LLC Purchases New Position in AppLovin Corporation $APP

Key Points

• Advisors Capital Management LLC has acquired a new position in AppLovin Corporation, purchasing 12,731 shares valued at approximately $3.37 million.
• Insider selling activity includes CTO Vasily Shikin offloading 30,000 shares, and insider Victoria Valenzuela selling 35,000 shares, indicating a decrease in their ownership positions.
• AppLovin's recent financial performance shows a reported EPS of $2.26 for the last quarter, surpassing estimates, with a year-over-year revenue increase of 77.1%.

Advisors Capital Management LLC purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,731 shares of the company's stock, valued at approximately $3,373,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC boosted its stake in AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after buying an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after purchasing an additional 66,453 shares during the last quarter. Yousif Capital Management LLC lifted its stake in shares of AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after purchasing an additional 119 shares during the last quarter. Peak Retirement Planning Inc. bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $969,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after purchasing an additional 121 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Activity

In related news, CTO Vasily Shikin sold 30,000 shares of the business'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 transaction, the chief technology officer directly owned 3,360,104 shares in the company, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the transaction, the insider owned 269,955 shares in the company, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock worth $514,863,333 over the last quarter. Company insiders own 13.66% of the company's stock.

AppLovin Trading Up 1.9%

APP opened at $582.00 on Friday. AppLovin Corporation has a 52 week low of $105.94 and a 52 week high of $587.88. The stock's fifty day moving average is $424.50 and its two-hundred day moving average is $353.48. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $196.86 billion, a P/E ratio of 82.67, a PEG ratio of 3.19 and a beta of 2.44.

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 the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the business earned $0.89 EPS. The firm's revenue for the quarter was up 77.1% on a year-over-year basis. Analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wedbush raised their price objective on AppLovin from $620.00 to $725.00 and gave the company an "outperform" rating in a research note on Friday. Piper Sandler raised their price objective on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Morgan Stanley increased their price target on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Finally, Wells Fargo & Company increased their price target on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $487.86.

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.

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