Alta Park Capital LP Decreases Holdings in AppLovin Corporation $APP

Alta Park Capital LP reduced its holdings in AppLovin Corporation (NASDAQ:APP) by 38.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 52,224 shares of the company’s stock after selling 32,198 shares during the quarter. AppLovin accounts for 4.2% of Alta Park Capital LP’s investment portfolio, making the stock its 6th largest holding. Alta Park Capital LP’s holdings in AppLovin were worth $35,190,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in APP. Allworth Financial LP increased its position in shares of AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the last quarter. APG Asset Management N.V. bought a new position in shares of AppLovin during the 3rd quarter valued at about $4,958,000. Franklin Resources Inc. increased its position in shares of AppLovin by 24.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock valued at $1,754,996,000 after purchasing an additional 487,492 shares during the last quarter. TIAA Trust National Association increased its position in shares of AppLovin by 431.7% during the 3rd quarter. TIAA Trust National Association now owns 52,749 shares of the company’s stock valued at $37,902,000 after purchasing an additional 42,829 shares during the last quarter. Finally, Generate Investment Management Ltd bought a new position in AppLovin during the 4th quarter worth approximately $2,347,000. 41.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $582.04, for a total value of $1,790,355.04. Following the completion of the sale, the director owned 123,520 shares in the company, valued at approximately $71,893,580.80. This trade represents a 2.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 22,544 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the completion of the sale, the chief executive officer owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. This trade represents a 0.96% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 226,014 shares of company stock worth $113,073,400. Insiders own 13.66% of the company’s stock.

AppLovin Trading Down 6.9%

NASDAQ APP opened at $479.49 on Thursday. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The stock has a 50 day simple moving average of $489.48 and a two-hundred day simple moving average of $519.07. The stock has a market cap of $161.08 billion, a P/E ratio of 41.19, a price-to-earnings-growth ratio of 0.84 and a beta of 2.45.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the business posted $1.67 EPS. The business’s revenue was up 58.9% on a year-over-year basis. On average, analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current year.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research report on Tuesday, June 9th. Arete Research set a $340.00 price target on AppLovin and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Weiss Ratings lowered AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Benchmark restated a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Finally, Wedbush restated an “outperform” rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $669.62.

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.