Castle Hook Partners LP Has $265.36 Million Stake in AppLovin Corporation $APP

Castle Hook Partners LP cut its holdings in AppLovin Corporation (NASDAQ:APP) by 34.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 393,813 shares of the company’s stock after selling 211,206 shares during the period. AppLovin makes up approximately 1.1% of Castle Hook Partners LP’s portfolio, making the stock its 9th biggest position. Castle Hook Partners LP owned approximately 0.12% of AppLovin worth $265,359,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after acquiring an additional 166,117 shares in the last quarter. State Street Corp raised its position in shares of AppLovin by 0.4% in the 4th quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after acquiring an additional 52,377 shares in the last quarter. Geode Capital Management LLC raised its position in shares of AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after acquiring an additional 448,005 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after acquiring an additional 212,349 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after acquiring an additional 538,806 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other AppLovin news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. The trade was a 4.85% decrease in their position. 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 33,042 shares of AppLovin stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the transaction, the chief executive officer owned 2,369,351 shares of the company’s stock, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 226,014 shares of company stock worth $113,073,400 over the last 90 days. Company insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on APP shares. Argus started coverage on AppLovin in a research report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price objective for the company. Weiss Ratings lowered AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Wedbush reissued an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Wells Fargo & Company lifted their price objective on AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, KeyCorp set a $775.00 target price on AppLovin in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $669.62.

AppLovin Price Performance

APP stock opened at $479.49 on Thursday. The company has a market capitalization of $161.08 billion, a P/E ratio of 41.19, a price-to-earnings-growth ratio of 0.84 and a beta of 2.45. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61. The business has a 50-day simple moving average of $489.48 and a two-hundred day simple moving average of $519.07.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s quarterly revenue was up 58.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.67 EPS. Research analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

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.