378 Shares in AppLovin Corporation $APP Bought by Hennessy Advisors Inc.

Hennessy Advisors Inc. purchased a new stake in AppLovin Corporation (NASDAQ:APP) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 378 shares of the company’s stock, valued at approximately $132,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Kingswood Wealth Advisors LLC boosted its position in shares of AppLovin by 5.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company’s stock valued at $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company’s stock valued at $45,675,000 after acquiring an additional 66,453 shares during the period. Park Avenue Securities LLC grew its position in shares of AppLovin by 30.6% during the second 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 last quarter. Yousif Capital Management LLC increased its holdings in shares of AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company’s stock valued at $939,000 after acquiring an additional 119 shares during the period. Finally, IFM Investors Pty Ltd raised its position 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 purchasing an additional 6,104 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Phillip Securities raised shares of AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Bank of America increased their target price on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Piper Sandler raised their price target on AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Wells Fargo & Company upped their price objective on AppLovin from $480.00 to $491.00 and gave the company an “overweight” rating in a research note on Thursday, August 21st. Finally, Zacks Research raised AppLovin to a “strong-buy” rating in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $578.86.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total value of $58,250,000.00. Following the completion of the transaction, the director directly owned 7,283,292 shares of the company’s stock, valued at approximately $3,394,014,072. This trade represents a 1.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin 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 owned 269,955 shares of the company’s stock, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,156,788 shares of company stock worth $514,863,333. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

NASDAQ APP opened at $682.76 on Monday. The stock has a market capitalization of $230.94 billion, a price-to-earnings ratio of 96.98, a PEG ratio of 3.74 and a beta of 2.53. The business’s 50 day moving average is $514.58 and its two-hundred day moving average is $392.05. AppLovin Corporation has a 12-month low of $135.50 and a 12-month high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate 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 return on equity of 252.67% and a net margin of 45.72%.The company’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same period last year, the firm earned $0.89 EPS. Research analysts expect that AppLovin Corporation will post 6.87 EPS for the current 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.