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

Discovery Capital Management LLC CT reduced its position in AppLovin Co. (NASDAQ:APP) by 83.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of APP. Cerity Partners LLC grew its position in AppLovin by 36.3% during the third quarter. Cerity Partners LLC now owns 18,120 shares of the company’s stock worth $2,366,000 after buying an additional 4,822 shares in the last quarter. Townsquare Capital LLC grew its holdings in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock worth $1,037,000 after purchasing an additional 3,126 shares in the last quarter. Freedom Investment Management Inc. bought a new position in shares of AppLovin in the third quarter worth approximately $231,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in AppLovin by 20.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,657 shares of the company’s stock valued at $5,830,000 after purchasing an additional 7,638 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in AppLovin by 31.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 982,038 shares of the company’s stock valued at $128,205,000 after purchasing an additional 237,146 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Jefferies Financial Group increased their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Bank of America increased their target price on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. UBS Group lifted their price target on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Oppenheimer reiterated an “outperform” rating on shares of AppLovin in a research report on Thursday. Finally, Benchmark boosted their target price on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $435.47.

AppLovin Price Performance

Shares of APP stock opened at $264.97 on Tuesday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm has a market cap of $90.08 billion, a P/E ratio of 58.36, a P/E/G ratio of 3.02 and a beta of 2.33. The business’s 50 day moving average price is $350.31 and its 200-day moving average price is $285.50.

AppLovin (NASDAQ:APP) last released its quarterly earnings results 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 net margin of 33.54% and a return on equity of 188.55%. On average, equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 44,400 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $410.89, for a total value of $18,243,516.00. Following the completion of the transaction, the chief executive officer now owns 2,869,492 shares in the company, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate 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.