Cannon Global Investment Management LLC Invests $280,000 in AppLovin Corporation $APP

Key Points

• Cannon Global Investment Management LLC has invested $280,000 in AppLovin Corporation, acquiring 800 shares of the company during the 2nd quarter.
• Various hedge funds are increasing their stakes in AppLovin, with Dynasty Wealth Management raising its position by 117,664.4% in the 1st quarter, now owning over 2.7 million shares valued at approximately $716 million.
• AppLovin reported $2.26 EPS for the latest quarter, exceeding estimates, but its revenue fell short of expectations at $1.26 billion, resulting in a net margin of 45.72%.

Cannon Global Investment Management LLC acquired a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 800 shares of the company's stock, valued at approximately $280,000.

Several other hedge funds also recently made changes to their positions in APP. Dynasty Wealth Management LLC grew its stake in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after purchasing an additional 1,107,104 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Stock Performance

APP stock opened at $599.31 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a market cap of $202.72 billion, a P/E ratio of 85.13, a P/E/G ratio of 3.29 and a beta of 2.53. The firm has a 50 day simple moving average of $556.25 and a 200 day simple moving average of $411.45. AppLovin Corporation has a 52 week low of $141.35 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm's quarterly revenue was up 77.1% compared to the same quarter last year. During the same period last year, the company posted $0.89 earnings per share. Research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on APP. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Morgan Stanley raised their target price on shares of AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Royal Bank Of Canada assumed coverage on shares of AppLovin in a report on Monday. They issued an "outperform" rating and a $700.00 target price for the company. Jefferies Financial Group raised their target price on shares of AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $600.59.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were 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 directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company insiders.

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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