Highland Capital Management LLC Boosts Stock Holdings in AppLovin Co. (NASDAQ:APP)

Highland Capital Management LLC boosted its position in shares of AppLovin Co. (NASDAQ:APP) by 8.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,967 shares of the company’s stock after buying an additional 2,066 shares during the period. Highland Capital Management LLC’s holdings in AppLovin were worth $1,114,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of AppLovin by 8.5% in the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock valued at $723,245,000 after purchasing an additional 1,411,453 shares in the last quarter. BlackRock Inc. grew its position in AppLovin by 2.4% in the second quarter. BlackRock Inc. now owns 8,335,764 shares of the company’s stock worth $214,479,000 after acquiring an additional 195,030 shares during the period. Spruce House Investment Management LLC grew its position in AppLovin by 33.7% in the fourth quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company’s stock worth $52,650,000 after acquiring an additional 1,259,199 shares during the period. First Trust Advisors LP grew its position in AppLovin by 3.7% in the first quarter. First Trust Advisors LP now owns 4,040,013 shares of the company’s stock worth $63,630,000 after acquiring an additional 144,035 shares during the period. Finally, State Street Corp grew its position in AppLovin by 14.0% in the third quarter. State Street Corp now owns 3,465,241 shares of the company’s stock worth $67,538,000 after acquiring an additional 424,435 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Performance

Shares of APP stock opened at $68.86 on Thursday. AppLovin Co. has a 12 month low of $13.83 and a 12 month high of $74.55. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.71 and a quick ratio of 1.71. The firm has a market capitalization of $23.55 billion, a P/E ratio of 68.86, a P/E/G ratio of 1.46 and a beta of 1.88. The company’s fifty day moving average price is $55.67 and its two-hundred day moving average price is $45.16.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 14th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.14. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The business had revenue of $953.26 million during the quarter, compared to the consensus estimate of $928.66 million. During the same quarter in the prior year, the firm earned ($0.21) EPS. The company’s revenue for the quarter was up 35.7% compared to the same quarter last year. On average, research analysts anticipate that AppLovin Co. will post 2.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

APP has been the topic of several analyst reports. TheStreet upgraded AppLovin from a “d+” rating to a “c-” rating in a research note on Friday, March 8th. HSBC initiated coverage on AppLovin in a research note on Monday, December 18th. They issued a “buy” rating and a $53.20 price objective on the stock. UBS Group increased their price objective on AppLovin from $46.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, February 15th. Wedbush raised their price target on AppLovin from $58.50 to $67.00 and gave the company an “outperform” rating in a research note on Thursday, February 15th. Finally, The Goldman Sachs Group raised their price target on AppLovin from $59.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $50.04.

Insider Activity

In related news, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total transaction of $166,926.40. Following the completion of the sale, the insider now directly owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Craig Scott Billings sold 5,550 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the sale, the director now directly owns 12,739 shares of the company’s stock, valued at $743,065.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total transaction of $166,926.40. Following the sale, the insider now directly owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The disclosure for this sale can be found here. Insiders sold 11,215 shares of company stock worth $666,315 over the last three months. Corporate insiders own 12.43% of the company’s stock.

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.