Freestone Capital Holdings LLC Raises Holdings in AppLovin Corporation $APP

Key Points

• Freestone Capital boosted its stake in AppLovin by 122.3% in Q4 to 39,003 shares (added 21,455 shares), worth about $26.28 million and representing roughly 0.8% of Freestone's portfolio (its 20th largest holding).
• Company insiders have been sizable net sellers recently — CEO Arash Adam Foroughi sold 50,000 shares (~$23.3M) and director Eduardo Vivas sold 163,910 shares (~$74.3M), with insiders offloading 365,244 shares worth $169.6M over the last 90 days, though insiders still own 13.66% of the stock.
• AppLovin posted a strong quarter (EPS $3.24 vs. $2.89 expected; revenue $1.66B, up 66% YoY) and remains a consensus "Moderate Buy" among analysts (18 Buys, 5 Holds) with an average price target of about $669.

Freestone Capital Holdings LLC lifted its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 122.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 39,003 shares of the company's stock after acquiring an additional 21,455 shares during the period. AppLovin makes up approximately 0.8% of Freestone Capital Holdings LLC's investment portfolio, making the stock its 20th largest holding. Freestone Capital Holdings LLC's holdings in AppLovin were worth $26,281,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of APP. Board of the Pension Protection Fund purchased a new stake in shares of AppLovin during the fourth quarter worth about $27,000. Chilton Capital Management LLC purchased a new stake in shares of AppLovin during the third quarter worth about $29,000. Activest Wealth Management grew its stake in shares of AppLovin by 760.0% during the third quarter. Activest Wealth Management now owns 43 shares of the company's stock worth $31,000 after acquiring an additional 38 shares during the last quarter. Heartwood Wealth Advisors LLC purchased a new stake in shares of AppLovin during the third quarter worth about $33,000. Finally, CBIZ Investment Advisory Services LLC grew its stake in shares of AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after acquiring an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,480,414 shares of the company's stock, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares of the company's stock, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 365,244 shares of company stock valued at $169,584,607. 13.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on APP shares. Wedbush boosted their price target on AppLovin from $465.00 to $640.00 and gave the stock an "outperform" rating in a research note on Thursday, February 12th. Needham & Company LLC restated a "buy" rating and set a $700.00 price target on shares of AppLovin in a research note on Wednesday, March 11th. Evercore reiterated a "buy" rating on shares of AppLovin in a research report on Friday, January 30th. The Goldman Sachs Group dropped their target price on AppLovin from $710.00 to $585.00 and set a "neutral" rating on the stock in a research report on Thursday, February 12th. Finally, Morgan Stanley set a $720.00 target price on AppLovin in a research report on Thursday, February 12th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $669.05.

AppLovin Price Performance

Shares of NASDAQ APP opened at $417.45 on Tuesday. The business's 50 day moving average price is $425.24 and its 200 day moving average price is $552.27. The firm has a market cap of $140.80 billion, a P/E ratio of 42.82, a P/E/G ratio of 0.68 and a beta of 2.50. AppLovin Corporation has a 52 week low of $222.02 and a 52 week high of $745.61. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 1.65.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, February 11th. The company reported $3.24 EPS for the quarter, beating analysts' consensus estimates of $2.89 by $0.35. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.61 billion. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.AppLovin's revenue for the quarter was up 66.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.73 earnings per share. On average, sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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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