Discovery Capital Management LLC CT Sells 202,460 Shares of AppLovin Co. (NASDAQ:APP)

Discovery Capital Management LLC CT cut its stake in shares of AppLovin Co. (NASDAQ:APP) by 83.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,740 shares of the company’s stock after selling 202,460 shares during the quarter. Discovery Capital Management LLC CT’s holdings in AppLovin were worth $13,193,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Townsquare Capital LLC increased its stake in AppLovin by 64.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after purchasing an additional 3,126 shares in the last quarter. State Street Corp grew its holdings in shares of AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the last quarter. Zacks Investment Management raised its holdings in AppLovin by 328.1% in the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after acquiring an additional 81,331 shares during the last quarter. Toronto Dominion Bank raised its holdings in AppLovin by 38.8% in the 3rd quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock worth $3,286,000 after acquiring an additional 7,039 shares during the last quarter. Finally, Oxinas Partners Wealth Management LLC purchased a new stake in AppLovin during the 4th quarter valued at $1,081,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Down 2.7 %

AppLovin stock opened at $264.97 on Tuesday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The firm has a market capitalization of $90.08 billion, a price-to-earnings ratio of 58.36, a P/E/G ratio of 3.02 and a beta of 2.33. The firm has a 50 day moving average of $350.31 and a 200 day moving average of $285.50.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity

In other news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of the 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 transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock worth $106,401,841 over the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on APP shares. Wells Fargo & Company set a $538.00 price target on AppLovin and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Arete Research set a $200.00 target price on shares of AppLovin in a research note on Wednesday, March 5th. Citigroup lifted their price target on shares of AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $325.00 to $475.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Benchmark raised their target price on shares of AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $435.47.

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.