Horizon Investment Services LLC Invests $2.40 Million in AppLovin Co. (NASDAQ:APP)

Horizon Investment Services LLC acquired a new position in shares of AppLovin Co. (NASDAQ:APP) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 28,821 shares of the company’s stock, valued at approximately $2,398,000.

Other hedge funds have also modified their holdings of the company. FinTrust Capital Advisors LLC purchased a new stake in AppLovin in the 4th quarter worth approximately $32,000. Covestor Ltd grew its stake in AppLovin by 85.8% in the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after acquiring an additional 236 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in AppLovin in the 2nd quarter worth approximately $37,000. Atlas Capital Advisors LLC purchased a new stake in AppLovin in the 1st quarter worth approximately $38,000. Finally, Summit Securities Group LLC purchased a new stake in AppLovin in the 2nd quarter worth approximately $42,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Dawson Alyssa Harvey sold 4,371 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $75.65, for a total transaction of $330,666.15. Following the completion of the sale, the director now directly owns 11,565 shares of the company’s stock, valued at $874,892.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. The disclosure for this sale can be found here. Insiders sold a total of 630,081 shares of company stock valued at $53,384,695 over the last ninety days. Insiders own 14.69% of the company’s stock.

AppLovin Price Performance

NASDAQ APP opened at $88.19 on Friday. AppLovin Co. has a 52 week low of $34.45 and a 52 week high of $93.70. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The stock has a market cap of $29.02 billion, a price-to-earnings ratio of 52.49, a price-to-earnings-growth ratio of 1.33 and a beta of 1.86. The company has a 50-day moving average price of $82.87 and a two-hundred day moving average price of $76.54.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business’s revenue for the quarter was up 44.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.22 EPS. Analysts forecast that AppLovin Co. will post 3.48 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on APP. Benchmark lifted their price target on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Stifel Nicolaus lifted their target price on shares of AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday, May 9th. The Goldman Sachs Group lifted their target price on shares of AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Finally, Wedbush reduced their target price on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.86.

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.