AppLovin Co. (NASDAQ:APP) Shares Sold by Lone Pine Capital LLC

Lone Pine Capital LLC cut its stake in shares of AppLovin Co. (NASDAQ:APP) by 54.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,085,113 shares of the company’s stock after selling 1,284,753 shares during the period. AppLovin makes up approximately 2.6% of Lone Pine Capital LLC’s investment portfolio, making the stock its 19th biggest position. Lone Pine Capital LLC’s holdings in AppLovin were worth $351,392,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Oxinas Partners Wealth Management LLC acquired a new stake in shares of AppLovin during the fourth quarter valued at about $1,081,000. Virtu Financial LLC acquired a new position in shares of AppLovin in the third quarter valued at approximately $3,211,000. Franchise Capital Ltd acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $2,811,000. Barclays PLC grew its holdings in shares of AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company’s stock valued at $41,643,000 after purchasing an additional 153,248 shares in the last quarter. Finally, Tcfg Wealth Management LLC acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $369,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APP has been the subject of a number of research reports. Wells Fargo & Company dropped their price objective on shares of AppLovin from $538.00 to $386.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. FBN Securities initiated coverage on shares of AppLovin in a report on Friday, March 28th. They issued an “outperform” rating and a $385.00 price objective for the company. Piper Sandler dropped their price objective on shares of AppLovin from $575.00 to $425.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Bank of America boosted their price target on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Citigroup raised their price objective on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $414.05.

AppLovin Price Performance

APP stock opened at $276.83 on Monday. The firm has a 50 day moving average of $291.16 and a 200-day moving average of $302.14. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market cap of $94.11 billion, a price-to-earnings ratio of 60.98, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. As a group, equities analysts expect that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 17,500 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. This trade represents a 16.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the sale, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 306,900 shares of company stock valued at $106,401,841. Insiders own 14.69% of the company’s stock.

About AppLovin

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.