Discovery Capital Management LLC CT Boosts Stock Holdings in AppLovin Co. (NASDAQ:APP)

Discovery Capital Management LLC CT grew its position in AppLovin Co. (NASDAQ:APP) by 217.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 230,500 shares of the company’s stock after purchasing an additional 158,000 shares during the period. AppLovin comprises about 2.5% of Discovery Capital Management LLC CT’s portfolio, making the stock its 15th largest position. Discovery Capital Management LLC CT owned about 0.07% of AppLovin worth $19,182,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in APP. 1832 Asset Management L.P. grew 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 acquiring an additional 1,357,400 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its position in AppLovin by 557.5% in the second quarter. Mount Yale Investment Advisors LLC now owns 20,901 shares of the company’s stock worth $1,739,000 after purchasing an additional 17,722 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in AppLovin by 17.8% in the 2nd quarter. Ensign Peak Advisors Inc now owns 70,939 shares of the company’s stock valued at $5,904,000 after purchasing an additional 10,700 shares during the period. Thrivent Financial for Lutherans increased its position in shares of AppLovin by 220.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 159,799 shares of the company’s stock valued at $13,299,000 after purchasing an additional 109,947 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of AppLovin by 77.0% during the 2nd quarter. Sei Investments Co. now owns 515,665 shares of the company’s stock worth $42,914,000 after purchasing an additional 224,306 shares during the period. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wedbush reduced their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. BTIG Research increased their price objective on AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a report on Friday, September 13th. Benchmark boosted their target price on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research note on Friday, August 23rd. Oppenheimer reiterated an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Finally, Jefferies Financial Group lifted their price objective on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.09.

AppLovin Trading Up 1.7 %

Shares of AppLovin stock opened at $126.09 on Monday. The company’s 50-day moving average price is $87.92 and its 200-day moving average price is $80.53. The company has a market cap of $41.49 billion, a price-to-earnings ratio of 75.05, a PEG ratio of 1.41 and a beta of 1.88. AppLovin Co. has a 12-month low of $34.45 and a 12-month high of $128.19. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm’s revenue was up 44.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 earnings per share. On average, equities analysts expect that AppLovin Co. will post 3.46 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now owns 254,458 shares of the company’s stock, valued at approximately $20,262,490.54. The transaction was disclosed in a filing with the SEC, which is available through this link. In other AppLovin news, CFO Matthew Stumpf sold 60,615 shares of AppLovin stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the completion of the sale, the chief financial officer now owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 47,001 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $85.06, for a total value of $3,997,905.06. Following the completion of the transaction, the insider now owns 390,615 shares of the company’s stock, valued at $33,225,711.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 775,934 shares of company stock valued at $65,805,022. 14.69% of the stock is owned by corporate insiders.

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.