Corsair Capital Management L.P. Takes $653,000 Position in AppLovin Co. (NASDAQ:APP)

Corsair Capital Management L.P. acquired a new position in shares of AppLovin Co. (NASDAQ:APP) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the company’s stock, valued at approximately $653,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APP. WCM Investment Management LLC increased its position in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. FMR LLC increased its holdings in shares of AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares in the last quarter. Lone Pine Capital LLC raised its stake in shares of AppLovin by 7.2% in the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after acquiring an additional 382,767 shares during the last quarter. Fred Alger Management LLC bought a new position in AppLovin in the 2nd quarter valued at $290,655,000. Finally, 1832 Asset Management L.P. raised its holdings in shares of AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after buying an additional 1,357,400 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Matthew Stumpf sold 21,101 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $332.67, for a total value of $7,019,669.67. Following the completion of the transaction, the chief financial officer now owns 213,336 shares of the company’s stock, valued at approximately $70,970,487.12. This represents a 9.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the sale, the chief technology officer now directly owns 4,530,455 shares in the company, valued at $381,192,483.70. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,065 shares of company stock valued at $233,072,408. 14.69% of the stock is owned by company insiders.

AppLovin Price Performance

Shares of APP opened at $329.00 on Wednesday. The company’s 50-day moving average is $185.37 and its 200-day moving average is $119.37. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market capitalization of $110.41 billion, a PE ratio of 99.93, a PEG ratio of 3.94 and a beta of 1.86. AppLovin Co. has a fifty-two week low of $35.79 and a fifty-two week high of $344.77.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the firm earned $0.30 EPS. The business’s revenue was up 38.6% on a year-over-year basis. Equities analysts forecast that AppLovin Co. will post 4.05 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on APP. Macquarie boosted their price objective on AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Benchmark reaffirmed a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research note on Thursday, November 7th. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $265.57.

AppLovin Company 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.