Lone Pine Capital LLC Sells 467,796 Shares of AppLovin Corporation $APP

Lone Pine Capital LLC cut its position in AppLovin Corporation (NASDAQ:APP) by 29.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,109,138 shares of the company’s stock after selling 467,796 shares during the quarter. AppLovin comprises 5.8% of Lone Pine Capital LLC’s holdings, making the stock its 4th biggest position. Lone Pine Capital LLC’s holdings in AppLovin were worth $796,960,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Revolve Wealth Partners LLC bought a new position in AppLovin in the 4th quarter worth about $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $239,000. Integrated Wealth Concepts LLC raised its holdings in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after buying an additional 621 shares during the last quarter. Foundations Investment Advisors LLC boosted its position in shares of AppLovin by 5.7% during the second quarter. Foundations Investment Advisors LLC now owns 7,122 shares of the company’s stock worth $2,493,000 after buying an additional 385 shares during the period. Finally, Empower Advisory Group LLC bought a new position in AppLovin in the 2nd quarter worth approximately $273,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Price Performance

Shares of AppLovin stock opened at $453.30 on Tuesday. AppLovin Corporation has a 52 week low of $200.50 and a 52 week high of $745.61. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65. The stock has a market cap of $152.89 billion, a PE ratio of 46.49, a price-to-earnings-growth ratio of 0.81 and a beta of 2.51. The company’s 50-day moving average price is $490.72 and its two-hundred day moving average price is $574.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.35. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.61 billion. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The business’s revenue for the quarter was up 66.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 EPS. As a group, sell-side analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on APP. Oppenheimer lowered their target price on AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. The Goldman Sachs Group decreased their price target on AppLovin from $710.00 to $585.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Scotiabank raised their price target on AppLovin from $750.00 to $775.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Jefferies Financial Group cut their price objective on shares of AppLovin from $860.00 to $700.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a report on Wednesday, March 11th. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $654.50.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 40,704 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total transaction of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares in the company, valued at approximately $1,117,625,877.90. This trade represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 7,609 shares of AppLovin stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the completion of the transaction, the insider owned 277,110 shares in the company, valued at approximately $182,097,294.30. This trade represents a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 188,033 shares of company stock valued at $90,662,374 over the last ninety days. Insiders own 13.66% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.