Steadview Capital Management LLC cut its holdings in AppLovin Corporation (NASDAQ:APP – Free Report) by 11.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 146,865 shares of the company’s stock after selling 18,410 shares during the period. AppLovin accounts for 18.6% of Steadview Capital Management LLC’s investment portfolio, making the stock its 3rd biggest position. Steadview Capital Management LLC’s holdings in AppLovin were worth $98,961,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in AppLovin by 39.4% in the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock valued at $17,930,776,000 after purchasing an additional 7,051,663 shares during the period. State Street Corp boosted its holdings in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after purchasing an additional 6,237,051 shares during the period. Jennison Associates LLC boosted its holdings in AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after purchasing an additional 1,381,970 shares during the period. Capital Research Global Investors bought a new position in AppLovin in the 3rd quarter valued at $743,899,000. Finally, Northern Trust Corp boosted its holdings in AppLovin by 46.8% in the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the period. 41.85% of the stock is owned by institutional investors.
AppLovin Stock Performance
AppLovin stock opened at $481.68 on Friday. The firm’s fifty day moving average price is $446.31 and its 200-day moving average price is $523.95. 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 market cap of $161.82 billion, a P/E ratio of 41.38, a price-to-earnings-growth ratio of 0.79 and a beta of 2.37. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61.
Analyst Upgrades and Downgrades
APP has been the subject of several analyst reports. Jefferies Financial Group cut their price target on shares of AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Morgan Stanley set a $720.00 price target on shares of AppLovin in a report on Thursday, February 12th. Royal Bank Of Canada reissued an “outperform” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, February 12th. Weiss Ratings cut shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Finally, Benchmark restated a “buy” rating on shares of AppLovin in a research report on Friday, March 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $664.35.
Insider Activity
In other AppLovin news, CEO Arash Adam Foroughi sold 40,704 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares of the company’s stock, valued at $1,117,625,877.90. The trade was a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 5,231 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the completion of the sale, the chief technology officer directly owned 30,658 shares of the company’s stock, valued at $14,638,275.26. This represents a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 365,244 shares of company stock worth $169,584,607. 13.66% of the stock is currently owned by corporate insiders.
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.
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