Zurcher Kantonalbank Zurich Cantonalbank Acquires 7,197 Shares of AppLovin Corporation (NASDAQ:APP)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in AppLovin Corporation (NASDAQ:APP) by 16.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,806 shares of the company’s stock after buying an additional 7,197 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in AppLovin were worth $13,727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in APP. Revolve Wealth Partners LLC acquired a new stake in shares of AppLovin during the fourth quarter worth $294,000. Pictet Asset Management Holding SA lifted its holdings in AppLovin by 4.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 79,609 shares of the company’s stock worth $25,780,000 after acquiring an additional 3,172 shares in the last quarter. AIA Group Ltd acquired a new position in AppLovin in the fourth quarter valued at about $449,000. Franklin Resources Inc. increased its holdings in shares of AppLovin by 8.8% in the fourth quarter. Franklin Resources Inc. now owns 1,084,957 shares of the company’s stock worth $351,342,000 after acquiring an additional 87,961 shares in the last quarter. Finally, HighPoint Advisor Group LLC raised its position in shares of AppLovin by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock worth $590,000 after purchasing an additional 31 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Down 2.5%

APP opened at $361.63 on Wednesday. The stock has a market cap of $122.37 billion, a PE ratio of 65.28, a price-to-earnings-growth ratio of 2.21 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The stock’s fifty day simple moving average is $362.07 and its 200 day simple moving average is $336.42.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The business’s revenue was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.67 EPS. As a group, research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In related news, Director Barbara Messing sold 1,500 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director owned 9,510 shares in the company, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Vasily Shikin sold 34,766 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the sale, the chief technology officer owned 70,889 shares of the company’s stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on APP. Jefferies Financial Group boosted their price objective on AppLovin from $460.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. The Goldman Sachs Group increased their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Wall Street Zen raised shares of AppLovin from a “hold” rating to a “buy” rating in a research note on Saturday. HSBC set a $436.00 price target on AppLovin and gave the company a “buy” rating in a report on Wednesday, April 23rd. Finally, UBS Group increased their price objective on AppLovin from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average target price of $447.57.

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.