AppLovin Corporation $APP Holdings Decreased by Berkshire Capital Holdings Inc.

Key Points

• Berkshire Capital Holdings cut its AppLovin stake by 38.4% in the fourth quarter, leaving it with 17,030 shares worth about $11.5 million.
• Several major institutions remained bullish on AppLovin, including Vanguard, State Street, and Jennison, while institutional investors overall hold 41.85% of the company.
• AppLovin reported strong quarterly results, with EPS of $3.56 beating estimates and revenue rising 58.9% year over year, even as recent insider selling and analyst target cuts drew attention.

Berkshire Capital Holdings Inc. trimmed its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 38.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,030 shares of the company's stock after selling 10,630 shares during the quarter. AppLovin makes up approximately 3.8% of Berkshire Capital Holdings Inc.'s holdings, making the stock its 11th largest position. Berkshire Capital Holdings Inc.'s holdings in AppLovin were worth $11,475,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in APP. Vanguard Group Inc. boosted its position in AppLovin by 39.4% during 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 position in AppLovin by 111.1% during 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 position in AppLovin by 55.2% during 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 acquired a new position in AppLovin during the 3rd quarter valued at approximately $743,899,000. Finally, Northern Trust Corp boosted its position in AppLovin by 46.8% during 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. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the sale, the director owned 6,969,382 shares of the company's stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 40,704 shares of the business's stock in a transaction on Thursday, March 12th. The stock was 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 in the company, valued at $1,117,625,877.90. This represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 365,244 shares of company stock valued at $169,584,607. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Down 0.9%

APP opened at $481.68 on Friday. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. 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's fifty day moving average is $446.31 and its 200-day moving average is $523.95. The company has a market capitalization of $161.82 billion, a PE ratio of 41.38, a P/E/G ratio of 0.79 and a beta of 2.37.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the business earned $1.67 EPS. The company's quarterly revenue was up 58.9% compared to the same quarter last year. On average, equities analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Oppenheimer reduced their price objective on AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research report on Thursday, March 5th. Wedbush restated an "outperform" rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Scotiabank boosted their price objective on AppLovin from $750.00 to $775.00 and gave the company an "outperform" rating in a research report on Thursday, February 12th. Citigroup reduced their price objective on AppLovin from $820.00 to $710.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Finally, BTIG Research reaffirmed a "buy" rating and set a $640.00 target price 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 issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $664.35.

About AppLovin

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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