Lee Johnson Capital Management LLC Cuts Stock Position in AppLovin Corporation $APP

Lee Johnson Capital Management LLC cut its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 64.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,443 shares of the company’s stock after selling 8,006 shares during the quarter. AppLovin makes up 1.1% of Lee Johnson Capital Management LLC’s investment portfolio, making the stock its 25th largest holding. Lee Johnson Capital Management LLC’s holdings in AppLovin were worth $3,192,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in AppLovin during the second quarter valued at about $951,541,000. Amundi increased its stake in shares of AppLovin by 82.8% during the 1st quarter. Amundi now owns 1,103,586 shares of the company’s stock worth $289,117,000 after purchasing an additional 499,820 shares during the last quarter. National Pension Service raised its holdings in shares of AppLovin by 82.2% in the 2nd quarter. National Pension Service now owns 790,271 shares of the company’s stock worth $276,658,000 after purchasing an additional 356,443 shares during the period. Voya Investment Management LLC raised its holdings in shares of AppLovin by 235.5% in the 3rd quarter. Voya Investment Management LLC now owns 496,560 shares of the company’s stock worth $356,800,000 after purchasing an additional 348,548 shares during the period. Finally, Kensico Capital Management Corp lifted its stake in AppLovin by 12.9% in the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock valued at $762,849,000 after purchasing an additional 328,000 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Performance

AppLovin stock opened at $693.43 on Wednesday. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. The firm has a market capitalization of $234.35 billion, a PE ratio of 84.15, a price-to-earnings-growth ratio of 3.75 and a beta of 2.51. The firm’s 50 day simple moving average is $635.40 and its 200 day simple moving average is $528.84.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the business earned $1.29 EPS. The business’s revenue for the quarter was up 68.2% on a year-over-year basis. As a group, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 27,143 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $545.38, for a total value of $14,803,249.34. Following the transaction, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 30,888 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the transaction, the chief executive officer owned 2,553,161 shares of the company’s stock, valued at $1,328,384,136.69. This trade represents a 1.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 340,336 shares of company stock worth $200,062,623 in the last ninety days. 13.66% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on APP. Scotiabank raised their target price on AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Citigroup cut their price target on AppLovin from $850.00 to $820.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. The Goldman Sachs Group boosted their price objective on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Wells Fargo & Company increased their target price on shares of AppLovin from $633.00 to $721.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, Royal Bank Of Canada raised their price objective on shares of AppLovin from $700.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Nineteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $695.90.

About AppLovin

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.