Lone Pine Capital LLC Trims Holdings in AppLovin Co. (NASDAQ:APP)

Lone Pine Capital LLC decreased its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 54.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,085,113 shares of the company's stock after selling 1,284,753 shares during the period. AppLovin comprises approximately 2.6% of Lone Pine Capital LLC's holdings, making the stock its 19th largest holding. Lone Pine Capital LLC owned approximately 0.32% of AppLovin worth $351,392,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of APP. FMR LLC boosted its position in AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. SVB Wealth LLC bought a new stake in AppLovin during the fourth quarter valued at about $1,781,922,000. Baillie Gifford & Co. boosted its position in AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares in the last quarter. Norges Bank bought a new stake in AppLovin during the fourth quarter valued at about $828,138,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 17,500 shares of the firm's stock in a transaction dated 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 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 SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the sale, the chief executive officer now owns 2,869,492 shares of the company's stock, valued at approximately $1,179,045,567.88. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on APP. Jefferies Financial Group raised their price objective on AppLovin from $400.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Citigroup raised their price objective on AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. FBN Securities started coverage on AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target for the company. UBS Group lowered their price target on AppLovin from $630.00 to $450.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Benchmark raised their price target on AppLovin from $375.00 to $525.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $414.05.

AppLovin Stock Performance

APP opened at $276.83 on Monday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market cap of $94.11 billion, a price-to-earnings ratio of 60.98, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The firm's fifty day simple moving average is $291.16 and its two-hundred day simple moving average is $302.14.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (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%. Equities analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

About AppLovin

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.