Morse Asset Management Inc Reduces Holdings in AppLovin Corporation $APP

Key Points

• Morse Asset Management cut its stake in AppLovin by 43.9% in Q4, selling 2,748 shares and leaving it with 3,512 shares valued at about $2.37 million.
• Company insiders have been heavy sellers recently: the CEO sold 50,000 shares and the CTO 62,804 shares (insiders sold 365,244 shares worth ~$169.6 million in the past 90 days), while corporate insiders still own 13.66% of the stock.
• AppLovin posted strong quarterly results—beating EPS and revenue estimates with revenue up 66% year-over-year and a 57.4% net margin—and analysts maintain a consensus rating of "Moderate Buy" with a $673.25 average price target despite some recent cuts.

Morse Asset Management Inc decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 43.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,512 shares of the company's stock after selling 2,748 shares during the period. Morse Asset Management Inc's holdings in AppLovin were worth $2,366,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Chilton Capital Management LLC acquired a new position in AppLovin during the 3rd quarter worth approximately $29,000. Board of the Pension Protection Fund acquired a new stake in shares of AppLovin during the 4th quarter valued at approximately $27,000. Activest Wealth Management lifted its position in shares of AppLovin by 760.0% during the 3rd quarter. Activest Wealth Management now owns 43 shares of the company's stock valued at $31,000 after acquiring an additional 38 shares during the period. CBIZ Investment Advisory Services LLC increased its stake in shares of AppLovin by 58.6% during the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 17 shares in the last quarter. Finally, Bogart Wealth LLC increased its stake in shares of AppLovin by 100.0% during the 3rd quarter. Bogart Wealth LLC now owns 48 shares of the company's stock worth $34,000 after purchasing an additional 24 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the transaction, the chief technology officer owned 3,255,273 shares in the company, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 365,244 shares of company stock worth $169,584,607. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Up 3.3%

Shares of APP opened at $475.00 on Tuesday. The firm has a market cap of $160.21 billion, a PE ratio of 48.72, a price-to-earnings-growth ratio of 0.80 and a beta of 2.37. The company's fifty day moving average is $437.77 and its two-hundred day moving average is $535.51. AppLovin Corporation has a fifty-two week low of $290.96 and a fifty-two 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 announced its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $0.35. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.61 billion. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. AppLovin's revenue for the quarter was up 66.0% on a year-over-year basis. During the same quarter last year, the business earned $1.73 EPS. Analysts forecast that AppLovin Corporation will post 15.72 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on APP shares. The Goldman Sachs Group dropped their price objective on shares of AppLovin from $710.00 to $585.00 and set a "neutral" rating for the company in a research note on Thursday, February 12th. Citigroup dropped their price objective on shares of AppLovin from $820.00 to $710.00 and set a "buy" rating for the company in a research note on Thursday, February 12th. UBS Group set a $740.00 price objective on shares of AppLovin in a research note on Thursday, February 12th. Jefferies Financial Group dropped their price objective on shares of AppLovin from $860.00 to $700.00 and set a "buy" rating for the company in a research note on Thursday, February 12th. Finally, Zacks Research cut shares of AppLovin from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $673.25.

AppLovin Company 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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