Newbrook Capital Advisors LP Invests $21.79 Million in AppLovin Co. (NASDAQ:APP)

Newbrook Capital Advisors LP bought a new position in shares of AppLovin Co. (NASDAQ:APP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 67,279 shares of the company’s stock, valued at approximately $21,787,000. AppLovin makes up approximately 2.8% of Newbrook Capital Advisors LP’s investment portfolio, making the stock its 19th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in APP. Barclays PLC boosted its stake in AppLovin by 92.5% during the 3rd 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. Chicago Capital LLC acquired a new position in shares of AppLovin during the 4th quarter valued at about $323,000. Brookstone Capital Management bought a new stake in AppLovin during the 4th quarter valued at approximately $290,000. Claro Advisors LLC bought a new stake in shares of AppLovin in the fourth quarter valued at about $415,000. Finally, Signet Financial Management LLC acquired a new stake in AppLovin during the fourth quarter worth $317,000. Institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of research reports. HSBC set a $436.00 price target on shares of AppLovin and gave the company a “buy” rating in a report on Wednesday, April 23rd. Bank of America lifted their price target on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Citigroup upped their price target on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Oppenheimer reissued an “outperform” rating and issued a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Finally, Benchmark reissued a “buy” rating and issued a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $433.85.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the company’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 completion of the sale, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 of the company’s stock, valued at $1,230,527,667.32. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is owned by company insiders.

AppLovin Trading Up 6.4%

APP opened at $370.10 on Wednesday. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a market capitalization of $125.82 billion, a price-to-earnings ratio of 81.52, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company’s 50 day simple moving average is $278.36 and its two-hundred day simple moving average is $314.35. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business’s quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 earnings per share. Analysts expect that AppLovin Co. will post 6.87 EPS for the current fiscal year.

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.