Logan Capital Management Inc. Sells 8,982 Shares of AppLovin Corporation $APP

Logan Capital Management Inc. decreased its holdings in AppLovin Corporation (NASDAQ:APP) by 8.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,377 shares of the company’s stock after selling 8,982 shares during the quarter. AppLovin accounts for about 1.5% of Logan Capital Management Inc.’s portfolio, making the stock its 11th largest holding. Logan Capital Management Inc.’s holdings in AppLovin were worth $32,339,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Legal Advantage Investments Inc. bought a new stake in shares of AppLovin in the second quarter valued at approximately $1,523,000. Park Avenue Securities LLC increased its stake in AppLovin by 30.6% during the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company’s stock worth $7,313,000 after acquiring an additional 4,890 shares during the period. IFM Investors Pty Ltd raised its holdings in AppLovin by 15.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company’s stock valued at $15,827,000 after acquiring an additional 6,104 shares in the last quarter. Aberdeen Group plc lifted its position in shares of AppLovin by 6.5% during the 2nd quarter. Aberdeen Group plc now owns 114,180 shares of the company’s stock valued at $39,972,000 after acquiring an additional 7,001 shares during the period. Finally, Lee Johnson Capital Management LLC grew its holdings in shares of AppLovin by 13.6% during the 2nd quarter. Lee Johnson Capital Management LLC now owns 12,449 shares of the company’s stock worth $4,358,000 after purchasing an additional 1,491 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Up 3.7%

Shares of NASDAQ:APP opened at $643.10 on Tuesday. AppLovin Corporation has a 52-week low of $158.33 and a 52-week high of $745.61. The company has a market capitalization of $217.53 billion, a PE ratio of 91.35, a price-to-earnings-growth ratio of 3.37 and a beta of 2.53. 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 company has a fifty day moving average of $573.18 and a 200-day moving average of $427.78.

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

Insider Transactions at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares of the company’s stock, valued at $135,579,499.65. The trade was a 11.48% decrease in their position. The transaction 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 company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the transaction, the chief technology officer owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wells Fargo & Company raised their price target on AppLovin from $491.00 to $633.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Benchmark increased their price objective on shares of AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Scotiabank reaffirmed an “outperform” rating on shares of AppLovin in a report on Thursday, August 28th. Finally, Bank of America increased their price target on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $605.13.

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.