Steadfast Capital Management LP Invests $136.80 Million in AppLovin Co. (NASDAQ:APP)

Steadfast Capital Management LP purchased a new stake in AppLovin Co. (NASDAQ:APP - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 422,442 shares of the company's stock, valued at approximately $136,799,000. AppLovin makes up approximately 2.8% of Steadfast Capital Management LP's investment portfolio, making the stock its 13th largest holding. Steadfast Capital Management LP owned about 0.13% of AppLovin as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GHP Investment Advisors Inc. bought a new position in AppLovin in the 4th quarter valued at approximately $25,000. Fuller & Thaler Asset Management Inc. bought a new position in AppLovin in the 4th quarter valued at approximately $25,000. Riverview Trust Co raised its holdings in AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after buying an additional 82 shares during the last quarter. Tucker Asset Management LLC bought a new position in AppLovin in the 4th quarter valued at approximately $28,000. Finally, Hemington Wealth Management raised its holdings in AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after buying an additional 40 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Down 2.0%

NASDAQ APP traded down $7.58 during mid-day trading on Tuesday, hitting $363.05. The company's stock had a trading volume of 5,520,161 shares, compared to its average volume of 6,031,367. The company's 50 day simple moving average is $287.10 and its 200 day simple moving average is $320.97. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $122.85 billion, a price-to-earnings ratio of 79.97, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm posted $0.67 EPS. AppLovin's revenue was up 40.3% compared to the same quarter last year. Analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Analyst Ratings Changes

APP has been the subject of several analyst reports. Piper Sandler raised their price target on shares of AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Benchmark restated a "buy" rating and set a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. Loop Capital restated a "buy" rating and set a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Monday, April 21st. Finally, Jefferies Financial Group raised their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and a consensus target price of $433.85.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction 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 sale, the chief executive officer now owns 2,914,492 shares of the company's stock, valued at approximately $1,230,527,667.32. This trade represents a 1.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,119,470 shares of company stock valued at $409,752,180. 14.69% of the stock is owned by company insiders.

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.