K2 Principal Fund L.P. Sells 1,556 Shares of AppLovin Corporation $APP

K2 Principal Fund L.P. lessened its stake in shares of AppLovin Corporation (NASDAQ:APP) by 26.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,232 shares of the company’s stock after selling 1,556 shares during the period. K2 Principal Fund L.P.’s holdings in AppLovin were worth $2,852,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in APP. Vanguard Group Inc. increased its stake in AppLovin by 39.4% during the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after acquiring an additional 7,051,663 shares during the period. State Street Corp increased its stake in AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Norges Bank bought a new position in AppLovin during the 4th quarter worth $2,040,321,000. Capital Research Global Investors bought a new position in AppLovin during the 3rd quarter worth $743,899,000. Finally, Northern Trust Corp increased its stake in AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after acquiring an additional 756,660 shares during the period. Institutional investors own 41.85% of the company’s stock.

Key AppLovin News

Here are the key news stories impacting AppLovin this week:

• Negative Sentiment: CEO Arash Adam Foroughi sold additional AppLovin shares on June 10, 11, and 12, including several transactions worth millions of dollars, which may pressure investor confidence in the near term. SEC filing
• Neutral Sentiment: Recent commentary from analysts and financial media remained constructive overall, with one piece arguing AppLovin’s selloff looks detached from fundamentals and highlighting strong Q1 revenue, EBITDA, and free cash flow growth. Article
• Neutral Sentiment: Separately, coverage noted that brokers still generally view AppLovin as an attractive stock, though these recommendations are often considered lagging indicators and may not move the shares much on their own. Article

AppLovin Trading Up 3.8%

Shares of APP opened at $496.77 on Friday. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61. The business’s fifty day moving average is $482.88 and its 200-day moving average is $520.84. 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 firm has a market cap of $166.88 billion, a price-to-earnings ratio of 42.68, a PEG ratio of 0.81 and a beta of 2.45.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.67 EPS. Equities analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CTO Vasily Shikin sold 8,112 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $483.67, for a total transaction of $3,923,531.04. Following the sale, the chief technology officer owned 18,805 shares in the company, valued at $9,095,414.35. The trade was a 30.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at $106,470,000. This represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 389,924 shares of company stock worth $187,404,946 over the last three months. 13.66% of the stock is owned by corporate insiders.

Analyst Ratings Changes

APP has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. BTIG Research restated a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Weiss Ratings lowered AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $660.00 price target on shares of AppLovin in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently 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.