AppLovin Co. (NASDAQ:APP) is Jericho Capital Asset Management L.P.'s Largest Position

Jericho Capital Asset Management L.P. lowered its stake in AppLovin Co. (NASDAQ:APP - Free Report) by 16.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,793,759 shares of the company's stock after selling 538,033 shares during the period. AppLovin makes up approximately 12.9% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its biggest position. Jericho Capital Asset Management L.P. owned 0.83% of AppLovin worth $904,703,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in shares of AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the period. SVB Wealth LLC bought a new position in AppLovin in the fourth quarter worth approximately $1,781,922,000. Geode Capital Management LLC raised its stake in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after buying an additional 573,310 shares in the last quarter. Baillie Gifford & Co. raised its stake in AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock worth $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Finally, Invesco Ltd. raised its stake in AppLovin by 68.0% in the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after buying an additional 1,222,074 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares of the company's stock, valued at $201,675,501.85. This represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company's stock.

AppLovin Trading Down 6.8 %

Shares of APP traded down $19.57 during trading on Wednesday, reaching $269.31. 9,246,892 shares of the company traded hands, compared to its average volume of 5,912,743. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The stock has a market cap of $91.55 billion, a PE ratio of 59.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The stock has a 50-day simple moving average of $280.83 and a 200-day simple moving average of $302.78. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on APP shares. UBS Group dropped their target price on AppLovin from $630.00 to $450.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Oppenheimer reissued an "outperform" rating and issued a $560.00 price target on shares of AppLovin in a report on Thursday, March 27th. Wells Fargo & Company decreased their target price on AppLovin from $538.00 to $386.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Arete Research set a $200.00 price target on AppLovin in a research report on Wednesday, March 5th. Finally, Morgan Stanley upgraded AppLovin from an "equal weight" rating to an "overweight" rating and reduced their price target for the company from $470.00 to $350.00 in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $415.15.

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.