Kohlberg Kravis Roberts & Co. L.P. Cuts Stock Position in AppLovin Co. (NASDAQ:APP)

Kohlberg Kravis Roberts & Co. L.P. lessened its stake in shares of AppLovin Co. (NASDAQ:APP) by 17.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,794 shares of the company’s stock after selling 29,773 shares during the period. AppLovin makes up about 0.3% of Kohlberg Kravis Roberts & Co. L.P.’s investment portfolio, making the stock its 18th largest holding. Kohlberg Kravis Roberts & Co. L.P.’s holdings in AppLovin were worth $11,384,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. FinTrust Capital Advisors LLC bought a new position in shares of AppLovin in the fourth quarter worth approximately $32,000. Quest Partners LLC bought a new position in AppLovin in the 2nd quarter valued at approximately $33,000. Covestor Ltd boosted its stake in 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 during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of AppLovin in the 2nd quarter worth $37,000. Finally, Atlas Capital Advisors LLC purchased a new position in shares of AppLovin in the first quarter worth $38,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In other 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 value of $131,850.00. Following the transaction, 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 Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction that occurred on Tuesday, September 10th. The shares were 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 $900,711.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $86.04, for a total transaction of $473,220.00. Following the transaction, the chief technology officer now owns 4,536,447 shares of the company’s stock, valued at approximately $390,315,899.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 775,934 shares of company stock worth $65,805,022. Corporate insiders own 14.69% of the company’s stock.

AppLovin Stock Up 2.3 %

NASDAQ APP opened at $129.08 on Wednesday. The stock’s 50-day moving average price is $89.54 and its 200-day moving average price is $81.44. The company has a market capitalization of $42.47 billion, a P/E ratio of 76.83, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin Co. has a 52 week low of $34.45 and a 52 week high of $130.39.

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

Wall Street Analysts Forecast Growth

APP has been the subject of several research analyst reports. Citigroup lifted their price objective on AppLovin from $110.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Oppenheimer reiterated an “outperform” rating and issued a $105.00 price target (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and increased their price objective for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. BTIG Research lifted their target price on shares of AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Benchmark raised their price target on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.09.

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.