Contour Asset Management LLC Invests $45.27 Million in AppLovin Corporation $APP

Contour Asset Management LLC acquired a new position in AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 170,862 shares of the company's stock, valued at approximately $45,273,000. AppLovin comprises 1.8% of Contour Asset Management LLC's investment portfolio, making the stock its 21st biggest holding. Contour Asset Management LLC owned 0.05% of AppLovin as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Forum Financial Management LP raised its stake in shares of AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after purchasing an additional 33 shares during the last quarter. Vestcor Inc raised its stake in shares of AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company's stock worth $1,088,000 after purchasing an additional 33 shares during the last quarter. GSG Advisors LLC raised its stake in shares of AppLovin by 0.3% in the first quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock worth $2,820,000 after purchasing an additional 35 shares during the last quarter. Argentarii LLC raised its stake in shares of AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after purchasing an additional 40 shares during the last quarter. Finally, Atlas Capital Advisors Inc. raised its stake in shares of AppLovin by 11.3% in the first quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock worth $104,000 after purchasing an additional 40 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of NASDAQ APP opened at $478.59 on Tuesday. The stock has a fifty day simple moving average of $390.26 and a two-hundred day simple moving average of $347.01. AppLovin Corporation has a 1-year low of $82.51 and a 1-year high of $525.15. The firm has a market cap of $161.88 billion, a price-to-earnings ratio of 67.98, a price-to-earnings-growth ratio of 2.68 and a beta of 2.44. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating 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 business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company earned $0.89 earnings per share. AppLovin's revenue was up 77.1% compared to the same quarter last year. Analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $464.69, for a total value of $92,938,000.00. Following the completion of the transaction, the director directly owned 381,929 shares of the company's stock, valued at $177,478,587.01. This trade represents a 34.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief technology officer directly 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. Insiders sold 1,236,152 shares of company stock valued at $545,240,378 over the last three months. Insiders own 13.66% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on APP shares. BTIG Research upped their target price on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Wall Street Zen lowered AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. UBS Group upped their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wedbush reaffirmed an "outperform" rating and issued a $620.00 target price on shares of AppLovin in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $478.81.

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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