K.J. Harrison & Partners Inc Makes New Investment in AppLovin Co. (NASDAQ:APP)

K.J. Harrison & Partners Inc bought a new stake in AppLovin Co. (NASDAQ:APP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 640 shares of the company’s stock, valued at approximately $219,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in APP. Private Advisor Group LLC increased its holdings in shares of AppLovin by 58.0% during the third quarter. Private Advisor Group LLC now owns 11,291 shares of the company’s stock valued at $1,474,000 after acquiring an additional 4,147 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of AppLovin by 1.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,627 shares of the company’s stock valued at $1,741,000 after purchasing an additional 157 shares during the last quarter. Arkadios Wealth Advisors bought a new position in shares of AppLovin during the 3rd quarter valued at $292,000. abrdn plc lifted its holdings in AppLovin by 784.2% in the third quarter. abrdn plc now owns 49,691 shares of the company’s stock valued at $6,487,000 after acquiring an additional 44,071 shares during the period. Finally, Strategic Blueprint LLC boosted its holdings in shares of AppLovin by 13.9% in the third quarter. Strategic Blueprint LLC now owns 3,140 shares of the company’s stock worth $410,000 after buying an additional 383 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. The trade was a 4.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the completion of the transaction, the chief executive officer now directly owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 224,872 shares of company stock valued at $82,158,554. Insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

APP has been the topic of several analyst reports. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Oppenheimer reiterated an “outperform” rating and set a $560.00 price objective (up previously from $480.00) on shares of AppLovin in a research report on Thursday, February 13th. Jefferies Financial Group upped their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Wells Fargo & Company set a $538.00 price target on shares of AppLovin and gave the stock an “overweight” rating in a research note on Thursday. Finally, UBS Group boosted their target price on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $452.29.

AppLovin Trading Down 3.2 %

APP stock opened at $320.49 on Friday. AppLovin Co. has a twelve month low of $57.40 and a twelve month high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm’s fifty day simple moving average is $368.10 and its two-hundred day simple moving average is $251.23. The stock has a market capitalization of $107.55 billion, a price-to-earnings ratio of 70.59, a price-to-earnings-growth ratio of 3.02 and a beta of 2.30.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, analysts anticipate that AppLovin Co. will post 6.87 earnings per share 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.