Highland Capital Management LLC Decreases Stake in AppLovin Co. (NASDAQ:APP)

Highland Capital Management LLC decreased its holdings in shares of AppLovin Co. (NASDAQ:APP) by 14.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,106 shares of the company’s stock after selling 4,014 shares during the quarter. Highland Capital Management LLC’s holdings in AppLovin were worth $2,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. WT Asset Management Ltd purchased a new stake in AppLovin during the 2nd quarter worth about $12,433,000. Yeomans Consulting Group Inc. purchased a new stake in shares of AppLovin in the second quarter worth about $417,000. Shelton Wealth Management LLC purchased a new position in shares of AppLovin in the 2nd quarter worth about $1,124,000. Paradiem LLC purchased a new position in shares of AppLovin during the 2nd quarter valued at about $1,480,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in AppLovin by 30.4% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 66,330 shares of the company’s stock valued at $5,516,000 after acquiring an additional 15,476 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of recent research reports. Oppenheimer restated an “outperform” rating and issued a $105.00 price objective (up from $97.00) on shares of AppLovin in a report on Thursday, August 8th. The Goldman Sachs Group raised their price objective on AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Benchmark raised their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday. Stifel Nicolaus boosted their target price on AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Finally, Wedbush dropped their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.86.

AppLovin Stock Up 1.4 %

AppLovin stock traded up $1.30 during mid-day trading on Monday, reaching $91.50. The stock had a trading volume of 69,256 shares, compared to its average volume of 4,074,167. The company has a market capitalization of $30.10 billion, a price-to-earnings ratio of 53.78, a PEG ratio of 1.27 and a beta of 1.86. The company has a debt-to-equity ratio of 4.59, a current ratio of 2.11 and a quick ratio of 2.11. AppLovin Co. has a one year low of $34.45 and a one year high of $92.50. The company has a 50-day moving average price of $81.06 and a two-hundred day moving average price of $74.39.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business’s revenue for the quarter was up 44.0% on a year-over-year basis. On average, analysts expect that AppLovin Co. will post 2.96 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the sale, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the transaction, the insider now directly owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dawson Alyssa Harvey sold 4,371 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $75.65, for a total value of $330,666.15. Following the completion of the transaction, the director now directly owns 11,565 shares in the company, valued at $874,892.25. The disclosure for this sale can be found here. Insiders sold 637,071 shares of company stock worth $53,971,086 over the last quarter. 14.69% of the stock is currently owned by insiders.

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.