AppLovin Corporation (NASDAQ:APP) Shares Purchased by Highland Capital Management LLC

Highland Capital Management LLC increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 51.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,589 shares of the company's stock after purchasing an additional 3,590 shares during the period. Highland Capital Management LLC's holdings in AppLovin were worth $2,806,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of APP. FMR LLC increased its position in AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. SVB Wealth LLC acquired a new stake in AppLovin during the fourth quarter worth about $1,781,922,000. Norges Bank acquired a new stake in AppLovin during the fourth quarter worth about $828,138,000. Arrowstreet Capital Limited Partnership increased its position in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after purchasing an additional 2,373,885 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in AppLovin by 193.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after purchasing an additional 1,797,027 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Down 3.9%

NASDAQ APP opened at $333.78 on Friday. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The firm has a 50 day simple moving average of $343.55 and a 200-day simple moving average of $333.63. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The firm has a market cap of $112.95 billion, a price-to-earnings ratio of 60.25, a PEG ratio of 1.94 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The firm's quarterly revenue was up 40.3% on a year-over-year basis. Equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Craig Scott Billings sold 12,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the sale, the director now owns 2,987 shares of the company's stock, valued at approximately $1,054,769.44. This trade represents a 80.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barbara Messing sold 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director now directly owns 9,510 shares in the company, valued at approximately $3,637,194.60. The trade was a 13.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 over the last 90 days. 13.66% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on APP. Morgan Stanley increased their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. HSBC set a $436.00 target price on shares of AppLovin and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $470.00 target price (up previously from $455.00) on shares of AppLovin in a research note on Thursday. Finally, Loop Capital reaffirmed a "buy" rating and set a $650.00 target price on shares of AppLovin in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $438.85.

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.

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