AppLovin Corporation $APP Position Decreased by Castle Hook Partners LP

Castle Hook Partners LP lessened its holdings in AppLovin Corporation (NASDAQ:APP) by 34.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 393,813 shares of the company’s stock after selling 211,206 shares during the quarter. AppLovin comprises approximately 1.1% of Castle Hook Partners LP’s holdings, making the stock its 9th biggest position. Castle Hook Partners LP’s holdings in AppLovin were worth $265,359,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of APP. State Street Corp boosted its stake in shares of AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Norges Bank purchased a new position in shares of AppLovin in the 4th quarter worth approximately $2,040,321,000. Capital Research Global Investors purchased a new position in shares of AppLovin in the 3rd quarter worth approximately $743,899,000. Northern Trust Corp boosted its stake in shares of AppLovin by 46.8% in the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after buying an additional 756,660 shares during the last quarter. Finally, Amundi boosted its stake in shares of AppLovin by 81.3% in the 4th quarter. Amundi now owns 1,426,896 shares of the company’s stock worth $961,471,000 after buying an additional 639,836 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on APP shares. Argus assumed coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price on the stock. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 7th. BTIG Research reiterated a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $669.62.

Insider Activity

In other news, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the completion of the transaction, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. The trade was a 1.93% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 226,014 shares of company stock worth $113,073,400. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Down 6.9%

NASDAQ:APP opened at $479.49 on Thursday. The company has a market cap of $161.08 billion, a P/E ratio of 41.19, a P/E/G ratio of 0.84 and a beta of 2.45. The stock’s fifty day moving average price is $489.48 and its two-hundred day moving average price is $519.07. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP) last released its quarterly earnings results 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. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business’s quarterly revenue was up 58.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.67 earnings per share. As a group, analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

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.