AppLovin Corporation (NASDAQ:APP) is Panview Capital Ltd's Largest Position

Key Points

• Panview Capital Ltd reduced its stake in AppLovin Corporation by 60.3%, now holding 262,218 shares, which comprise approximately 26.3% of its portfolio, valued at $69.48 million.
• A variety of hedge funds adjusted their holdings in AppLovin, with Pacer Advisors Inc. significantly increasing their stake by 174.8%, now owning $49.6 million worth of shares.
• AppLovin received multiple upgrades from analysts, with UBS Group setting a new price target of $475 and maintaining a "buy" rating, while the consensus target price reaches $447.57.

Panview Capital Ltd lessened its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 60.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 262,218 shares of the company's stock after selling 398,882 shares during the quarter. AppLovin makes up 26.3% of Panview Capital Ltd's holdings, making the stock its biggest position. Panview Capital Ltd owned about 0.08% of AppLovin worth $69,480,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC lifted its stake in shares of AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock worth $445,000 after buying an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after buying an additional 66,453 shares in the last quarter. Yousif Capital Management LLC lifted its stake in shares of AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock worth $939,000 after buying an additional 119 shares in the last quarter. Peak Retirement Planning Inc. purchased a new position in shares of AppLovin in the fourth quarter worth about $969,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of AppLovin by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock worth $1,106,000 after buying an additional 121 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Citigroup reissued a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Oppenheimer restated an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Piper Sandler restated an "overweight" rating and set a $470.00 price objective (up from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. Wall Street Zen cut shares of AppLovin from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Wells Fargo & Company raised their price objective on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $447.57.

AppLovin Stock Up 1.2%

Shares of APP stock traded up $4.20 during trading on Friday, reaching $364.14. The company's stock had a trading volume of 2,880,710 shares, compared to its average volume of 4,896,801. 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 1-year low of $60.67 and a 1-year high of $525.15. The company has a market capitalization of $123.22 billion, a price-to-earnings ratio of 65.73, a P/E/G ratio of 2.14 and a beta of 2.42. The stock's 50-day moving average price is $362.09 and its 200 day moving average price is $335.79.

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

Insider Activity

In other news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the sale, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Herald Y. Chen sold 171,420 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the sale, the director owned 221,209 shares of the company's stock, valued at $82,681,287.93. This represents a 43.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company's stock.

AppLovin Profile

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.