Newbrook Capital Advisors LP Makes New Investment in AppLovin Co. (NASDAQ:APP)

Newbrook Capital Advisors LP acquired a new position in shares of AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 67,279 shares of the company’s stock, valued at approximately $21,787,000. AppLovin makes up 2.8% of Newbrook Capital Advisors LP’s holdings, making the stock its 19th biggest holding.

Several other institutional investors also recently modified their holdings of the stock. Maytus Capital Management LLC acquired a new position in shares of AppLovin during the 4th quarter worth approximately $2,753,000. Napa Wealth Management bought a new position in AppLovin in the 4th quarter valued at approximately $390,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in AppLovin by 6,883.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 183,670 shares of the company’s stock worth $59,488,000 after acquiring an additional 181,040 shares during the last quarter. Moore Capital Management LP grew its holdings in AppLovin by 36.4% during the 4th quarter. Moore Capital Management LP now owns 116,811 shares of the company’s stock worth $37,827,000 after acquiring an additional 31,153 shares during the last quarter. Finally, LRI Investments LLC boosted its holdings in AppLovin by 291.0% in the fourth quarter. LRI Investments LLC now owns 434 shares of the company’s stock valued at $140,000 after acquiring an additional 323 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 6.4%

NASDAQ:APP opened at $370.10 on Wednesday. The firm has a market cap of $125.82 billion, a price-to-earnings ratio of 81.52, a P/E/G ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company’s 50 day moving average is $278.36 and its 200-day moving average is $314.35.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The company’s revenue was up 40.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.67 EPS. Equities analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the sale, the chief technology officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the sale, the chief executive officer now directly owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. The trade was a 1.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock worth $106,401,841 over the last quarter. 14.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on APP. The Goldman Sachs Group upped their price target on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Citigroup raised their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Oppenheimer restated an “outperform” rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. HSBC set a $436.00 price objective on AppLovin and gave the stock a “buy” rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. increased their price objective on AppLovin from $270.00 to $355.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $433.85.

AppLovin 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.