Kornitzer Capital Management Inc. KS Buys New Holdings in AppLovin Corporation $APP

Kornitzer Capital Management Inc. KS purchased a new position in AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 1,225 shares of the company’s stock, valued at approximately $429,000.

Several other institutional investors and hedge funds have also bought and sold shares of APP. Hilltop National Bank acquired a new stake in shares of AppLovin in the second quarter worth $26,000. Bartlett & CO. Wealth Management LLC purchased a new stake in AppLovin in the first quarter valued at $29,000. SouthState Corp acquired a new stake in AppLovin during the 1st quarter worth about $29,000. Cornerstone Planning Group LLC raised its stake in shares of AppLovin by 428.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock valued at $33,000 after buying an additional 107 shares during the last quarter. Finally, Hoey Investments Inc. acquired a new position in shares of AppLovin in the 2nd quarter valued at about $35,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APP has been the topic of several analyst reports. Phillip Securities raised AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Benchmark lifted their target price on shares of AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a report on Monday, September 15th. Bank of America boosted their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $705.00 price target on shares of AppLovin and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley lifted their price objective on shares of AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $605.13.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total value of $86,498,000.00. Following the transaction, the director owned 181,929 shares in the company, valued at approximately $78,682,473.21. This trade represents a 52.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of the company’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the sale, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by insiders.

AppLovin Stock Performance

NASDAQ:APP opened at $620.00 on Monday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a market capitalization of $209.72 billion, a PE ratio of 88.07, a P/E/G ratio of 3.37 and a beta of 2.53. AppLovin Corporation has a fifty-two week low of $158.33 and a fifty-two week high of $745.61. The company has a fifty day moving average of $569.09 and a two-hundred day moving average of $425.20.

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

About AppLovin

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.