Zurcher Kantonalbank Zurich Cantonalbank Has $13.73 Million Holdings in AppLovin Corporation (NASDAQ:APP)

Key Points

• Zurcher Kantonalbank increased its stake in AppLovin Corporation by 16.1%, acquiring an additional 7,197 shares, bringing its total holdings to 51,806 shares worth approximately $13.7 million.
• AppLovin's stock experienced a 2.5% decline, closing at $361.63, while the company's market cap stands at $122.37 billion with a PE ratio of 65.28.
• In the latest earnings report, AppLovin reported an EPS of $1.67, exceeding analysts' expectations, and a 40.3% revenue increase year-over-year.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 16.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,806 shares of the company's stock after buying an additional 7,197 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in AppLovin were worth $13,727,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC increased its position in AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of AppLovin by 62.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after buying an additional 66,453 shares during the period. Yousif Capital Management LLC grew its position in shares of AppLovin by 3.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after buying an additional 119 shares during the period. Peak Retirement Planning Inc. acquired a new stake in AppLovin during the 4th quarter worth $969,000. Finally, Assenagon Asset Management S.A. grew its holdings in AppLovin by 3.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after acquiring an additional 121 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 34,766 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the sale, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the sale, the chief financial officer directly owned 192,421 shares of the company's stock, valued at approximately $81,394,083. The trade was a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last quarter. 13.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Citigroup restated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Morgan Stanley boosted their price objective on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, UBS Group boosted their price target on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and an average price target of $447.57.

AppLovin Stock Up 0.5%

Shares of AppLovin stock traded up $1.68 during trading hours on Wednesday, reaching $363.31. 2,215,146 shares of the company's stock were exchanged, compared to its average volume of 3,739,527. The company has a 50 day moving average of $362.17 and a two-hundred day moving average of $336.61. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a market cap of $122.94 billion, a P/E ratio of 65.58, a P/E/G ratio of 2.15 and a beta of 2.42.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly 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 during 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 business's quarterly revenue was up 40.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.67 earnings per share. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.