Second Line Capital LLC Reduces Position in AppLovin Corporation $APP

Second Line Capital LLC cut its stake in AppLovin Corporation (NASDAQ:APP) by 23.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,813 shares of the company’s stock after selling 6,333 shares during the quarter. AppLovin makes up approximately 3.1% of Second Line Capital LLC’s investment portfolio, making the stock its 9th largest holding. Second Line Capital LLC’s holdings in AppLovin were worth $14,955,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of APP. Vanguard Group Inc. lifted its holdings in AppLovin by 39.4% during the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after purchasing an additional 7,051,663 shares during the last quarter. State Street Corp boosted its holdings in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after purchasing an additional 6,237,051 shares during the period. Invesco Ltd. grew its position in shares of AppLovin by 9.4% during the 3rd quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock worth $3,084,514,000 after purchasing an additional 367,083 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of AppLovin by 55.2% during the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after purchasing an additional 1,381,970 shares during the period. Finally, Kensico Capital Management Corp increased its holdings in shares of AppLovin by 3.1% during the third quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock worth $2,240,767,000 after purchasing an additional 95,000 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

APP has been the topic of several analyst reports. Morgan Stanley set a $720.00 target price on AppLovin in a report on Thursday, February 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, February 12th. Wedbush increased their price objective on shares of AppLovin from $465.00 to $640.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Benchmark reissued a “buy” rating on shares of AppLovin in a report on Friday, March 6th. Finally, Evercore restated a “buy” rating on shares of AppLovin in a research report on Friday, January 30th. Twenty equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $654.50.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 5,231 shares of AppLovin stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the sale, the chief technology officer directly owned 30,658 shares of the company’s stock, valued at approximately $14,638,275.26. This trade represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 40,704 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the sale, the chief executive officer owned 2,430,414 shares in the company, valued at approximately $1,117,625,877.90. This trade represents a 1.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 188,033 shares of company stock worth $90,662,374 in the last 90 days. Insiders own 13.66% of the company’s stock.

AppLovin Stock Up 1.3%

Shares of NASDAQ APP opened at $459.09 on Wednesday. The company has a market cap of $154.84 billion, a price-to-earnings ratio of 47.09, a PEG ratio of 0.80 and a beta of 2.51. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65. AppLovin Corporation has a 12 month low of $200.50 and a 12 month high of $745.61. The stock has a 50-day moving average price of $487.56 and a two-hundred day moving average price of $574.47.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.35. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the business earned $1.73 earnings per share. The company’s revenue for the quarter was up 66.0% compared to the same quarter last year. As a group, analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

AppLovin 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.