GAMMA Investing LLC Buys 254 Shares of AppLovin Co. (NASDAQ:APP)

GAMMA Investing LLC grew its stake in shares of AppLovin Co. (NASDAQ:APP) by 19.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,539 shares of the company’s stock after buying an additional 254 shares during the period. GAMMA Investing LLC’s holdings in AppLovin were worth $128,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in APP. FinTrust Capital Advisors LLC bought a new position in shares of AppLovin during the 4th quarter valued at about $32,000. Covestor Ltd lifted its holdings in shares of AppLovin by 85.8% during the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after purchasing an additional 236 shares in the last quarter. Atlas Capital Advisors LLC acquired a new stake in AppLovin in the 1st quarter valued at approximately $38,000. ORG Partners LLC raised its position in AppLovin by 212.0% in the 1st quarter. ORG Partners LLC now owns 624 shares of the company’s stock valued at $43,000 after buying an additional 424 shares during the last quarter. Finally, Quarry LP acquired a new stake in AppLovin in the 4th quarter valued at approximately $44,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

APP opened at $69.00 on Wednesday. The firm has a market cap of $22.70 billion, a P/E ratio of 41.07, a price-to-earnings-growth ratio of 1.27 and a beta of 1.86. AppLovin Co. has a 52-week low of $28.99 and a 52-week high of $91.91. The company has a debt-to-equity ratio of 4.59, a quick ratio of 2.11 and a current ratio of 2.11. The business’s fifty day moving average is $80.53 and its 200-day moving average is $70.88.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $973.70 million. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. AppLovin’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) EPS. Sell-side analysts expect that AppLovin Co. will post 2.96 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on APP shares. Stifel Nicolaus lifted their target price on AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Thursday, May 9th. Wedbush reaffirmed an “outperform” rating and set a $100.00 price target on shares of AppLovin in a research report on Monday, July 29th. Daiwa Capital Markets initiated coverage on AppLovin in a research note on Monday, April 15th. They set a “neutral” rating and a $80.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.72.

Insider Activity at AppLovin

In related news, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $83.36, for a total value of $1,458,800,000.00. Following the sale, the insider now directly owns 366,567 shares of the company’s stock, valued at $30,557,025.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other AppLovin news, CMO Katie Kihorany Jansen sold 147,984 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $82.29, for a total value of $12,177,603.36. Following the completion of the transaction, the chief marketing officer now directly owns 1,264,284 shares in the company, valued at $104,037,930.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $83.36, for a total value of $1,458,800,000.00. Following the completion of the transaction, the insider now owns 366,567 shares of the company’s stock, valued at $30,557,025.12. The disclosure for this sale can be found here. Insiders have sold 17,857,726 shares of company stock valued at $1,489,251,374 over the last ninety days. 14.69% of the stock is owned by corporate insiders.

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.