Tiger Global Management LLC Sells 292,984 Shares of AppLovin Corporation $APP

Tiger Global Management LLC cut its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 22.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,000,000 shares of the company’s stock after selling 292,984 shares during the period. AppLovin comprises approximately 1.7% of Tiger Global Management LLC’s portfolio, making the stock its 15th largest position. Tiger Global Management LLC’s holdings in AppLovin were worth $398,000,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Redhawk Wealth Advisors Inc. lifted its holdings in shares of AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after purchasing an additional 18 shares during the period. Verdence Capital Advisors LLC grew its stake in shares of AppLovin by 5.7% in the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after purchasing an additional 18 shares during the last quarter. Finivi Inc. increased its holdings in AppLovin by 3.2% in the fourth quarter. Finivi Inc. now owns 711 shares of the company’s stock valued at $479,000 after purchasing an additional 22 shares during the period. Alta Wealth Advisors LLC increased its holdings in AppLovin by 0.6% in the fourth quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock valued at $2,645,000 after purchasing an additional 24 shares during the period. Finally, Washington Trust Advisors Inc. raised its position in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on APP. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. BTIG Research reissued a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Wells Fargo & Company lifted their price objective on AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Finally, Piper Sandler reissued an “overweight” rating on shares of AppLovin in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Stock Down 1.7%

APP stock opened at $391.98 on Friday. The stock’s 50 day simple moving average is $498.97 and its 200 day simple moving average is $480.08. The company has a market cap of $131.68 billion, a P/E ratio of 33.68, a price-to-earnings-growth ratio of 0.64 and a beta of 2.49. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a fifty-two week low of $357.03 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.67 earnings per share. On average, research analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the transaction, the director directly owned 120,444 shares of the company’s stock, valued at approximately $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 393,000 shares of company stock worth $197,297,363 in the last quarter. Insiders own 12.81% of the company’s stock.

AppLovin 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.