AppLovin Corporation (NASDAQ:APP) Stock Position Cut by Steadview Capital Management LLC

Steadview Capital Management LLC reduced its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 20.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 226,680 shares of the company's stock after selling 56,870 shares during the quarter. AppLovin accounts for about 13.1% of Steadview Capital Management LLC's holdings, making the stock its 4th largest holding. Steadview Capital Management LLC owned approximately 0.07% of AppLovin worth $60,063,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Revolve Wealth Partners LLC bought a new position in shares of AppLovin during the fourth quarter valued at about $294,000. Proficio Capital Partners LLC purchased a new stake in AppLovin during the 4th quarter valued at about $474,000. PNC Financial Services Group Inc. grew its position in AppLovin by 6.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,182 shares of the company's stock worth $2,650,000 after acquiring an additional 464 shares during the last quarter. Independent Advisor Alliance purchased a new position in AppLovin in the 4th quarter worth approximately $518,000. Finally, Avantax Planning Partners Inc. bought a new stake in AppLovin in the fourth quarter valued at approximately $469,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In other AppLovin news, Director Barbara Messing sold 1,500 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director directly owned 9,510 shares in the company, valued at approximately $3,637,194.60. This trade represents a 13.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction on Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the sale, the director directly owned 3,451 shares of the company's stock, valued at approximately $1,450,455.30. The trade was a 12.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on APP. UBS Group raised their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wedbush upgraded shares of AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Scotiabank raised AppLovin to a "strong-buy" rating in a research note on Tuesday. Finally, Piper Sandler restated an "overweight" rating and set a $470.00 price target (up previously from $455.00) on shares of AppLovin in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $438.43.

AppLovin Stock Down 1.8%

NASDAQ:APP traded down $6.42 during mid-day trading on Thursday, hitting $346.32. 5,618,175 shares of the company's stock were exchanged, compared to its average volume of 6,232,579. The company has a market cap of $117.19 billion, a PE ratio of 63.67, a P/E/G ratio of 2.10 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The business has a fifty day moving average price of $356.34 and a 200 day moving average price of $334.37.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the firm posted $0.67 EPS. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. Equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

About AppLovin

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.