Hazlett Burt & Watson Inc. Purchases New Position in AppLovin Corporation $APP

Hazlett Burt & Watson Inc. purchased a new stake in AppLovin Corporation (NASDAQ:APP) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 145 shares of the company’s stock, valued at approximately $51,000.

Several other hedge funds also recently made changes to their positions in APP. Mitchell Capital Management Co. bought a new stake in AppLovin during the 2nd quarter worth approximately $3,175,000. LRI Investments LLC increased its holdings in AppLovin by 131.1% during the 2nd quarter. LRI Investments LLC now owns 802 shares of the company’s stock worth $281,000 after acquiring an additional 455 shares during the period. Legal Advantage Investments Inc. bought a new stake in AppLovin during the 2nd quarter worth approximately $1,523,000. Board of the Pension Protection Fund increased its holdings in AppLovin by 5,500.0% during the 2nd quarter. Board of the Pension Protection Fund now owns 5,600 shares of the company’s stock worth $1,960,000 after acquiring an additional 5,500 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in AppLovin by 6.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 33,183 shares of the company’s stock worth $11,617,000 after acquiring an additional 2,055 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on APP. Phillip Securities raised shares of AppLovin to a “moderate buy” rating in a report on Monday, September 29th. Oppenheimer set a $740.00 target price on shares of AppLovin in a report on Tuesday, October 7th. Piper Sandler upped their target price on shares of AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Benchmark upped their target price on shares of AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Finally, UBS Group increased their price target on shares of AppLovin from $540.00 to $810.00 and gave the stock a “buy” rating in a report on Friday, September 26th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $602.05.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $590.11 on Tuesday. The company’s fifty day moving average price is $541.54 and its 200-day moving average price is $404.27. The firm has a market capitalization of $199.60 billion, a price-to-earnings ratio of 83.82, a PEG ratio of 3.09 and a beta of 2.53. AppLovin Corporation has a one year low of $139.40 and a one year high of $745.61. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP) last released its 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. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the firm earned $0.89 EPS. The firm’s quarterly revenue was up 77.1% compared to the same quarter last year. On average, equities research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In related news, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the transaction, the director 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction 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 transaction, the insider directly owned 269,955 shares in the company, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 in the last 90 days. Corporate 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.