Harbour Investments Inc. Buys 57 Shares of AppLovin Corporation (NASDAQ:APP)

Harbour Investments Inc. boosted its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 67.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141 shares of the company’s stock after acquiring an additional 57 shares during the period. Harbour Investments Inc.’s holdings in AppLovin were worth $37,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in APP. Fuller & Thaler Asset Management Inc. bought a new position in AppLovin during the 4th quarter worth about $25,000. Atala Financial Inc bought a new position in AppLovin during the 1st quarter worth about $26,000. Alpine Bank Wealth Management purchased a new stake in shares of AppLovin during the first quarter valued at about $27,000. ORG Wealth Partners LLC purchased a new stake in shares of AppLovin during the first quarter valued at about $29,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new stake in shares of AppLovin during the first quarter valued at about $29,000. 41.85% of the stock is currently owned by institutional investors.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of the firm’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 transaction, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. This trade represents a 32.91% 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 100,000 shares of the firm’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at $1,014,461,006.13. The trade was a 3.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company’s stock.

AppLovin Price Performance

AppLovin stock opened at $455.98 on Friday. The company’s fifty day moving average price is $366.78 and its 200 day moving average price is $339.90. AppLovin Corporation has a 1 year low of $72.81 and a 1 year high of $525.15. The stock has a market capitalization of $154.30 billion, a P/E ratio of 64.77, a P/E/G ratio of 2.71 and a beta of 2.43. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.68 and a current ratio of 2.74.

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

Wall Street Analyst Weigh In

APP has been the subject of several analyst reports. Citigroup reissued a “buy” rating on shares of AppLovin in a research report on Thursday, May 29th. BTIG Research increased their price objective on shares of AppLovin from $480.00 to $483.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. Wells Fargo & Company increased their price objective on shares of AppLovin from $405.00 to $480.00 and gave the company an “overweight” rating in a research report on Thursday. UBS Group increased their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Finally, Jefferies Financial Group increased their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $472.33.

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.