Lecap Asset Management Ltd. Has $1.61 Million Stock Holdings in AppLovin Corporation (NASDAQ:APP)

Lecap Asset Management Ltd. lifted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 51.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,083 shares of the company's stock after buying an additional 2,070 shares during the period. Lecap Asset Management Ltd.'s holdings in AppLovin were worth $1,612,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC lifted its stake in AppLovin by 5.1% in 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 in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in AppLovin by 62.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after acquiring an additional 66,453 shares in the last quarter. Yousif Capital Management LLC boosted its stake in AppLovin by 3.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after purchasing an additional 119 shares during the period. Peak Retirement Planning Inc. bought a new position in AppLovin during the 4th quarter worth about $969,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after purchasing an additional 121 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 33,700 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the sale, the chief executive officer now directly owns 2,760,363 shares in the company, valued at $1,009,023,091.02. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dawson Alyssa Harvey sold 513 shares of the firm's stock in a transaction dated 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 transaction, the director now directly owns 3,451 shares in the company, valued at approximately $1,450,455.30. This represents a 12.94% 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 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Performance

Shares of APP stock traded down $13.67 during trading on Friday, reaching $333.78. 18,524,276 shares of the company's stock were exchanged, compared to its average volume of 6,218,042. AppLovin Corporation has a twelve month low of $60.67 and a twelve month high of $525.15. The stock has a market capitalization of $112.95 billion, a PE ratio of 60.25, a PEG ratio of 2.02 and a beta of 2.53. The firm's fifty day moving average price is $343.55 and its 200-day moving average price is $333.66. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.67 earnings per share. As a group, sell-side analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on APP. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Thursday. Morgan Stanley upped their price target on AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Arete Research set a $200.00 price target on shares of AppLovin in a research note on Wednesday, March 5th. Piper Sandler reiterated an "overweight" rating and issued a $470.00 price objective (up from $455.00) on shares of AppLovin in a report on Thursday. Finally, Wells Fargo & Company increased their target price on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $438.85.

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.