Jericho Capital Asset Management L.P. Cuts Holdings in AppLovin Co. (NASDAQ:APP)

Jericho Capital Asset Management L.P. lowered its stake in shares of AppLovin Co. (NASDAQ:APP) by 16.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,793,759 shares of the company’s stock after selling 538,033 shares during the quarter. AppLovin comprises 12.9% of Jericho Capital Asset Management L.P.’s portfolio, making the stock its largest holding. Jericho Capital Asset Management L.P. owned approximately 0.83% of AppLovin worth $904,703,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. JFS Wealth Advisors LLC boosted its position in shares of AppLovin by 38.2% in the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock valued at $34,000 after acquiring an additional 29 shares during the period. HighPoint Advisor Group LLC boosted its holdings in AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after purchasing an additional 31 shares during the period. Quadrant Capital Group LLC grew its position in AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock worth $170,000 after purchasing an additional 33 shares during the last quarter. Forum Financial Management LP increased its holdings in shares of AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock worth $1,223,000 after purchasing an additional 33 shares during the period. Finally, Truvestments Capital LLC raised its position in shares of AppLovin by 0.7% during the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company’s stock valued at $1,696,000 after buying an additional 38 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Trading Up 2.9 %

APP opened at $284.98 on Tuesday. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The firm has a market cap of $96.88 billion, a PE ratio of 62.77, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm’s fifty day moving average is $286.98 and its two-hundred day moving average is $303.11.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. JPMorgan Chase & Co. cut their price target on AppLovin from $475.00 to $270.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. HSBC set a $436.00 target price on AppLovin and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Wells Fargo & Company reduced their price objective on shares of AppLovin from $538.00 to $386.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group decreased their price objective on AppLovin from $500.00 to $335.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, Benchmark lifted their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $415.15.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 17,500 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. This trade represents a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 306,900 shares of company stock valued at $106,401,841. Company insiders own 14.69% of the company’s stock.

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.