Chase Investment Counsel Corp Takes Position in AppLovin Co. (NASDAQ:APP)

Chase Investment Counsel Corp acquired a new stake in shares of AppLovin Co. (NASDAQ:APP) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 7,172 shares of the company’s stock, valued at approximately $596,000.

Other hedge funds also recently made changes to their positions in the company. Lone Pine Capital LLC grew its position in shares of AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after buying an additional 382,767 shares in the last quarter. Jericho Capital Asset Management L.P. grew its position in shares of AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares in the last quarter. Fred Alger Management LLC acquired a new stake in shares of AppLovin during the second quarter worth approximately $290,655,000. Whale Rock Capital Management LLC acquired a new stake in shares of AppLovin during the first quarter worth approximately $195,129,000. Finally, First Trust Advisors LP grew its position in shares of AppLovin by 42.6% during the fourth quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock worth $91,605,000 after buying an additional 686,258 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of APP opened at $127.75 on Monday. AppLovin Co. has a 1 year low of $34.45 and a 1 year high of $133.05. The firm has a fifty day moving average of $92.41 and a 200-day moving average of $82.86. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market cap of $42.03 billion, a price-to-earnings ratio of 76.04, a price-to-earnings-growth ratio of 1.82 and a beta of 1.88.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the business earned $0.22 earnings per share. The company’s revenue was up 44.0% on a year-over-year basis. As a group, equities analysts anticipate that AppLovin Co. will post 3.46 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on APP. Oppenheimer reaffirmed an “outperform” rating and issued a $105.00 price objective (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Wedbush decreased their price objective on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Bank of America lifted their price objective on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Jefferies Financial Group lifted their price objective on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Benchmark lifted their price objective on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.44.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now directly owns 10,247 shares in the company, valued at $900,711.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 728,933 shares of company stock worth $61,807,117. 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.