Kensico Capital Management Corp Increases Position in AppLovin Corporation $APP

Kensico Capital Management Corp increased its position in shares of AppLovin Corporation (NASDAQ:APP) by 12.9% during the first quarter, Holdings Channel reports. The institutional investor owned 2,879,000 shares of the company’s stock after purchasing an additional 328,000 shares during the period. AppLovin comprises about 17.2% of Kensico Capital Management Corp’s portfolio, making the stock its largest holding. Kensico Capital Management Corp’s holdings in AppLovin were worth $762,849,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Atala Financial Inc bought a new position in AppLovin in the first quarter worth approximately $26,000. Alpine Bank Wealth Management bought a new position in AppLovin in the first quarter worth approximately $27,000. ORG Wealth Partners LLC bought a new position in AppLovin in the first quarter worth approximately $29,000. Bartlett & CO. Wealth Management LLC bought a new position in AppLovin in the first quarter worth approximately $29,000. Finally, SouthState Corp bought a new position in AppLovin in the first quarter worth approximately $29,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $499.97 on Friday. 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 company has a market cap of $169.11 billion, a PE ratio of 71.02, a price-to-earnings-growth ratio of 2.72 and a beta of 2.44. The business has a 50 day moving average price of $398.93 and a 200-day moving average price of $348.84. AppLovin Corporation has a 52 week low of $82.51 and a 52 week high of $525.15.

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

Analyst Ratings Changes

Several brokerages have issued reports on APP. The Goldman Sachs Group increased their price target on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Benchmark reiterated a “buy” rating and issued a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. Oppenheimer reissued an “outperform” rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Finally, BTIG Research increased their price objective on AppLovin from $480.00 to $483.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $478.81.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 26,200 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares of the company’s stock, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, 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. Over the last three months, insiders sold 1,122,938 shares of company stock valued at $497,688,184. 13.66% of the stock is owned by insiders.

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.