AppLovin Corporation $APP Shares Purchased by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in AppLovin Corporation by 35.4%, acquiring an additional 28,700 shares worth approximately $38.46 million as of the latest SEC filing.
• AppLovin reported a 77.1% year-over-year revenue increase for the last quarter, with earnings per share of $2.26, surpassing the consensus estimate.
• Analyst ratings for AppLovin indicate strong confidence, with two Strong Buy ratings and an average price target of $579.81.

KLP Kapitalforvaltning AS boosted its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 35.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 109,850 shares of the company's stock after purchasing an additional 28,700 shares during the period. KLP Kapitalforvaltning AS's holdings in AppLovin were worth $38,456,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in APP. Atala Financial Inc purchased a new position in shares of AppLovin during the 1st quarter valued at about $26,000. Hilltop National Bank purchased a new stake in shares of AppLovin in the second quarter worth about $26,000. Alpine Bank Wealth Management acquired a new stake in AppLovin during the first quarter worth about $27,000. ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in AppLovin in the first quarter valued at approximately $29,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Performance

APP opened at $587.00 on Tuesday. The firm's fifty day simple moving average is $518.90 and its two-hundred day simple moving average is $393.96. AppLovin Corporation has a 52-week low of $137.20 and a 52-week high of $745.61. The company has a market cap of $198.55 billion, a price-to-earnings ratio of 83.38, a PEG ratio of 3.74 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 released its quarterly 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. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company's revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.89 EPS. Equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on APP. BTIG Research upped their price objective on AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Scotiabank reiterated an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Weiss Ratings restated a "buy (b-)" rating on shares of AppLovin in a research report on Saturday, September 27th. Bank of America lifted their price objective on shares of AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday, October 1st. Finally, Phillip Securities raised shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $579.81.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction that occurred 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 sale, the insider directly owned 269,955 shares of the company's stock, valued at $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following 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. Over the last 90 days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by corporate insiders.

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.

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