Kornitzer Capital Management Inc. KS Makes New $429,000 Investment in AppLovin Corporation $APP

Kornitzer Capital Management Inc. KS bought a new position in shares of AppLovin Corporation (NASDAQ:APP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,225 shares of the company’s stock, valued at approximately $429,000.

A number of other large investors have also recently modified their holdings of APP. Vestcor Inc increased its holdings in AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company’s stock worth $1,088,000 after purchasing an additional 33 shares during the period. Fortitude Family Office LLC grew its position in shares of AppLovin by 32.7% during the 2nd quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock worth $48,000 after buying an additional 34 shares in the last quarter. GSG Advisors LLC increased its stake in shares of AppLovin by 0.3% during the first quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock valued at $2,820,000 after buying an additional 35 shares during the period. LMG Wealth Partners LLC raised its holdings in shares of AppLovin by 0.5% in the second quarter. LMG Wealth Partners LLC now owns 7,941 shares of the company’s stock valued at $2,780,000 after acquiring an additional 39 shares in the last quarter. Finally, Argentarii LLC lifted its stake in AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company’s stock worth $699,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of APP stock opened at $620.00 on Monday. AppLovin Corporation has a 12-month low of $158.33 and a 12-month high of $745.61. The business’s fifty day simple moving average is $569.09 and its 200-day simple moving average is $425.20. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market cap of $209.72 billion, a PE ratio of 88.07, a PEG ratio of 3.37 and a beta of 2.53.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping 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 firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the business earned $0.89 EPS. The firm’s revenue for the quarter was up 77.1% on a year-over-year basis. Analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 350 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the transaction, the director owned 3,150 shares in the company, valued at $1,537,105.50. This represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the 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 directly owned 3,360,104 shares of the company’s stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last ninety days. Insiders own 13.66% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Tuesday, August 26th. Oppenheimer set a $740.00 price objective on shares of AppLovin in a report on Tuesday, October 7th. Benchmark upped their target price on AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a report on Monday, September 15th. UBS Group increased their target price on AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, September 26th. Finally, Scotiabank restated an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. One 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 company. According to MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $605.13.

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.