Highland Capital Management LLC Cuts Position in AppLovin Corporation $APP

Key Points

• Highland Capital Management LLC reduced its stake in AppLovin Corporation by 47.8% during the second quarter, leaving them with 5,532 shares valued at approximately $1.94 million.
• AppLovin insiders have been active, with Victoria Valenzuela selling 35,000 shares for about $17.58 million and CEO Arash Adam Foroughi selling 90,000 shares valued at approximately $37.89 million.
• Analysts have upgraded their ratings on AppLovin, with UBS raising its price target from $540 to $810, indicating strong market confidence despite the recent insider sales.

Highland Capital Management LLC decreased its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 47.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 5,532 shares of the company's stock after selling 5,057 shares during the period. Highland Capital Management LLC's holdings in AppLovin were worth $1,937,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Atala Financial Inc acquired a new stake in AppLovin in the 1st quarter worth about $26,000. Hilltop National Bank acquired a new stake in shares of AppLovin in the second quarter worth approximately $26,000. Alpine Bank Wealth Management purchased a new stake in AppLovin in the first quarter valued at approximately $27,000. ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter worth approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of AppLovin in the 1st quarter valued at $29,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 35,000 shares of the company's stock in a transaction dated 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 transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last 90 days. 13.66% of the stock is owned by corporate insiders.

AppLovin Price Performance

NASDAQ:APP opened at $682.76 on Monday. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The business's 50-day moving average price is $514.58 and its 200 day moving average price is $392.05. AppLovin Corporation has a 52-week low of $135.50 and a 52-week high of $745.61. The firm has a market cap of $230.94 billion, a P/E ratio of 96.98, a PEG ratio of 3.74 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last posted 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. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business's revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.89 EPS. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on APP. Phillip Securities raised shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. UBS Group increased their price target on AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a report on Friday, September 26th. Zacks Research raised AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. BTIG Research raised their price target on shares of AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Finally, Benchmark upped their price target on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $578.86.

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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