AppLovin Corporation (NASDAQ:APP) is Steadview Capital Management LLC's 4th Largest Position

Steadview Capital Management LLC trimmed its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 20.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 226,680 shares of the company's stock after selling 56,870 shares during the period. AppLovin makes up 13.1% of Steadview Capital Management LLC's investment portfolio, making the stock its 4th largest holding. Steadview Capital Management LLC owned 0.07% of AppLovin worth $60,063,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC increased its holdings in AppLovin by 5.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after buying an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after buying an additional 66,453 shares during the last quarter. Yousif Capital Management LLC increased its holdings in AppLovin by 3.5% during the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after buying an additional 119 shares during the last quarter. Peak Retirement Planning Inc. purchased a new stake in AppLovin during the fourth quarter valued at approximately $969,000. Finally, Assenagon Asset Management S.A. increased its holdings in AppLovin by 3.0% during the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after buying an additional 121 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Up 2.3%

NASDAQ:APP opened at $352.74 on Thursday. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The stock has a market capitalization of $119.36 billion, a P/E ratio of 63.67, a P/E/G ratio of 2.05 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The company's 50-day simple moving average is $356.34 and its 200-day simple moving average is $334.37.

AppLovin (NASDAQ:APP - Get Free Report) last released its 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. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. During the same period last year, the business earned $0.67 EPS. On average, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director directly owned 3,451 shares in the company, valued at approximately $1,450,455.30. The trade was a 12.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 100,000 shares of AppLovin stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $419.91, for a total transaction of $41,991,000.00. Following the sale, the director owned 181,929 shares of the company's stock, valued at approximately $76,393,806.39. The trade was a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 over the last ninety days. Company insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on APP. Benchmark reaffirmed a "buy" rating and set a $525.00 target price on shares of AppLovin in a report on Thursday, May 8th. Piper Sandler reissued an "overweight" rating and issued a $470.00 price objective (up from $455.00) on shares of AppLovin in a research note on Thursday, June 26th. JPMorgan Chase & Co. upped their target price on shares of AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Thursday, June 26th. Finally, HSBC set a $436.00 target price on shares of AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

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.

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