3G Capital Partners LP Reduces Position in AppLovin Co. (NASDAQ:APP)

3G Capital Partners LP reduced its position in AppLovin Co. (NASDAQ:APP - Free Report) by 62.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 95,000 shares of the company's stock after selling 155,000 shares during the period. AppLovin accounts for approximately 8.8% of 3G Capital Partners LP's portfolio, making the stock its 4th largest holding. 3G Capital Partners LP's holdings in AppLovin were worth $30,764,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Barclays PLC grew its position in shares of AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company's stock valued at $41,643,000 after purchasing an additional 153,248 shares in the last quarter. Pine Valley Investments Ltd Liability Co bought a new stake in shares of AppLovin during the third quarter valued at about $228,000. Wilmington Savings Fund Society FSB bought a new position in shares of AppLovin in the third quarter valued at approximately $833,000. Franklin Resources Inc. grew its stake in AppLovin by 37.0% during the third quarter. Franklin Resources Inc. now owns 996,996 shares of the company's stock valued at $130,158,000 after acquiring an additional 269,134 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its holdings in AppLovin by 43.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 6,391 shares of the company's stock worth $841,000 after acquiring an additional 1,929 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on APP shares. HSBC set a $436.00 price target on shares of AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Piper Sandler reduced their target price on AppLovin from $575.00 to $425.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. UBS Group lowered their price target on AppLovin from $630.00 to $450.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Bank of America boosted their price objective on AppLovin from $375.00 to $580.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. lowered their target price on shares of AppLovin from $475.00 to $270.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and an average target price of $415.15.

AppLovin Trading Up 10.1 %

Shares of APP stock traded up $28.09 during mid-day trading on Friday, reaching $307.58. The stock had a trading volume of 6,984,084 shares, compared to its average volume of 5,955,922. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock's 50-day moving average price is $276.82 and its two-hundred day moving average price is $305.94. The firm has a market capitalization of $104.56 billion, a PE ratio of 67.75, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Equities analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 17,500 shares of the firm'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 completion of the transaction, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock valued at $106,401,841 over the last three months. Corporate insiders own 14.69% of the company's stock.

AppLovin Company 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.