Kovack Advisors Inc. Purchases 1,003 Shares of AppLovin Corporation $APP

Kovack Advisors Inc. boosted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 82.8% in the second quarter, Holdings Channel reports. The firm owned 2,214 shares of the company’s stock after acquiring an additional 1,003 shares during the period. Kovack Advisors Inc.’s holdings in AppLovin were worth $775,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Hilltop National Bank bought a new stake in shares of AppLovin in the second quarter valued at approximately $26,000. Hoey Investments Inc. bought a new position in AppLovin in the second quarter worth $35,000. Trust Co. of Vermont bought a new position in AppLovin in the second quarter worth $35,000. ORG Partners LLC lifted its position in AppLovin by 146.5% in the second quarter. ORG Partners LLC now owns 106 shares of the company’s stock worth $36,000 after purchasing an additional 63 shares during the period. Finally, SouthState Corp bought a new position in AppLovin in the first quarter worth $29,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $637.33 on Friday. The stock has a 50-day simple moving average of $589.79 and a 200 day simple moving average of $437.07. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 12-month low of $158.33 and a 12-month high of $745.61. The stock has a market capitalization of $215.58 billion, a price-to-earnings ratio of 90.53, a P/E/G ratio of 3.37 and a beta of 2.53.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on APP. Phillip Securities raised AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Benchmark increased their price objective on AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Royal Bank Of Canada assumed coverage on AppLovin in a research note on Monday, October 13th. They issued an “outperform” rating and a $700.00 target price for the company. Bank of America lifted their price target on AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Finally, UBS Group lifted their price target on AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a report on Friday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $606.39.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of 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 is available in the SEC filing. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 in the last three months. Company insiders own 13.66% of the company’s stock.

AppLovin Company 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.