Alta Park Capital LP Has $35.19 Million Stake in AppLovin Corporation $APP

Key Points

• Alta Park Capital LP cut its AppLovin stake by 38.1% in the fourth quarter, but still held 52,224 shares worth about $35.19 million. AppLovin remained its 6th-largest position, representing 4.2% of the portfolio.
• AppLovin recently posted strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping forecasts. Revenue jumped 58.9% year over year, and analysts now expect full-year EPS of 15.86.
• Wall Street remains broadly bullish on the stock: analysts give AppLovin a Moderate Buy rating with an average price target of $669.62. However, company insiders have been selling shares, including recent sales by the CTO and another insider.

Alta Park Capital LP lessened its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 38.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,224 shares of the company's stock after selling 32,198 shares during the quarter. AppLovin accounts for 4.2% of Alta Park Capital LP's investment portfolio, making the stock its 6th largest position. Alta Park Capital LP's holdings in AppLovin were worth $35,190,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Guggenheim Capital LLC grew its stake in AppLovin by 2.0% in the 4th quarter. Guggenheim Capital LLC now owns 80,701 shares of the company's stock valued at $54,378,000 after purchasing an additional 1,590 shares during the period. Caisse de depot et placement du Quebec grew its stake in AppLovin by 14.8% in the 4th quarter. Caisse de depot et placement du Quebec now owns 157,663 shares of the company's stock valued at $106,236,000 after purchasing an additional 20,318 shares during the period. KCM Capital Inc bought a new position in AppLovin in the 4th quarter valued at $33,691,000. Challenger Wealth Management lifted its position in shares of AppLovin by 12.0% during the 4th quarter. Challenger Wealth Management now owns 354 shares of the company's stock valued at $239,000 after buying an additional 38 shares during the last quarter. Finally, Polar Asset Management Partners Inc. lifted its position in shares of AppLovin by 321.7% during the 4th quarter. Polar Asset Management Partners Inc. now owns 11,400 shares of the company's stock valued at $7,682,000 after buying an additional 16,541 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

APP has been the topic of a number of recent research reports. Arete Research set a $340.00 price target on AppLovin and gave the company a "neutral" rating in a research report on Monday, March 2nd. UBS Group dropped their price target on AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. Morgan Stanley reaffirmed an "overweight" rating on shares of AppLovin in a research report on Wednesday, May 27th. Finally, Wedbush reaffirmed an "outperform" rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. One research 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 MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $669.62.

AppLovin Stock Performance

Shares of APP opened at $479.49 on Thursday. The stock's 50-day simple moving average is $489.48 and its 200 day simple moving average is $519.07. The stock has a market capitalization of $161.08 billion, a price-to-earnings ratio of 41.19, a price-to-earnings-growth ratio of 0.84 and a beta of 2.45. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) 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 analysts' expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm'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 EPS. Research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 8,112 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $483.67, for a total value of $3,923,531.04. Following the transaction, the chief technology officer directly owned 18,805 shares in the company, valued at $9,095,414.35. This represents a 30.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 226,014 shares of company stock worth $113,073,400 in the last three months. 13.66% of the stock is currently owned by corporate insiders.

AppLovin 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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