Horizon Investment Services LLC Has $5.27 Million Stake in AppLovin Corporation (NASDAQ:APP)

Horizon Investment Services LLC reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 35.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,883 shares of the company's stock after selling 11,003 shares during the quarter. AppLovin comprises 2.6% of Horizon Investment Services LLC's holdings, making the stock its 13th largest holding. Horizon Investment Services LLC's holdings in AppLovin were worth $5,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC grew its position in shares of AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. Dynasty Wealth Management LLC raised its stake in shares of AppLovin by 117,664.4% during the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after acquiring an additional 2,700,399 shares in the last quarter. Norges Bank bought a new stake in AppLovin in the fourth quarter valued at approximately $828,138,000. Arrowstreet Capital Limited Partnership lifted its position in AppLovin by 457.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in AppLovin by 193.6% in the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after buying an additional 1,797,027 shares during the period. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 513 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director owned 3,451 shares in the company, valued at $1,450,455.30. This trade represents a 12.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. This trade represents a 32.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock valued at $455,062,980 in the last ninety days. Company insiders own 13.66% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on APP. Wells Fargo & Company boosted their price target on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Jefferies Financial Group boosted their price objective on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Morgan Stanley increased their price objective on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. Finally, Oppenheimer reiterated an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $438.43.

AppLovin Stock Performance

Shares of NASDAQ APP traded down $16.17 during midday trading on Tuesday, hitting $350.00. The company's stock had a trading volume of 4,766,118 shares, compared to its average volume of 6,276,683. 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's fifty day moving average price is $362.51 and its 200-day moving average price is $335.12. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a market cap of $118.44 billion, a P/E ratio of 63.18, a P/E/G ratio of 2.16 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's revenue was up 40.3% compared to the same quarter last year. During the same period last year, the firm earned $0.67 EPS. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.