Tiger Global Management LLC Sells 292,984 Shares of AppLovin Corporation $APP

Key Points

• Tiger Global Management cut its AppLovin stake by 22.7% in the first quarter, selling 292,984 shares and ending with 1,000,000 shares worth about $398 million.
• AppLovin reported strong first-quarter results, with EPS of $3.56 and revenue of $1.84 billion, both beating analyst expectations and revenue rising 58.9% year over year.
• Wall Street remains broadly bullish on the stock, with a Moderate Buy consensus rating and an average price target of $668.45, even as some insiders have recently sold shares.

Tiger Global Management LLC reduced its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 22.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,000,000 shares of the company's stock after selling 292,984 shares during the quarter. AppLovin accounts for 1.7% of Tiger Global Management LLC's holdings, making the stock its 15th biggest holding. Tiger Global Management LLC owned approximately 0.30% of AppLovin worth $398,000,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Revolve Wealth Partners LLC acquired a new position in AppLovin in the fourth quarter valued at about $294,000. Bison Wealth LLC acquired a new stake in AppLovin during the fourth quarter worth about $239,000. Integrated Wealth Concepts LLC grew its stake in AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock worth $448,000 after buying an additional 621 shares in the last quarter. NewEdge Advisors LLC increased its holdings in AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock valued at $5,084,000 after buying an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock valued at $48,727,000 after buying an additional 9,380 shares during the period. Institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 9,052 shares of the business's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares of the company's stock, valued at approximately $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the company's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the transaction, the director owned 120,444 shares of the company's stock, valued at $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 393,000 shares of company stock valued at $197,297,363. Corporate insiders own 12.81% of the company's stock.

AppLovin Stock Down 1.7%

Shares of NASDAQ APP opened at $391.98 on Friday. The company has a market cap of $131.68 billion, a price-to-earnings ratio of 33.68, a PEG ratio of 0.64 and a beta of 2.49. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 12 month low of $357.03 and a 12 month high of $745.61. The stock has a 50-day moving average price of $498.97 and a two-hundred day moving average price of $480.08.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm's quarterly revenue was up 58.9% compared to the same quarter last year. During the same period last year, the company posted $1.67 EPS. As a group, analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on APP. Benchmark restated a "buy" rating on shares of AppLovin in a research report on Wednesday, June 10th. Wells Fargo & Company increased their price target on shares of AppLovin from $571.00 to $575.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Morgan Stanley reissued an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Needham & Company LLC restated a "buy" rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 28th. Finally, UBS Group cut their target price on AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $668.45.

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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