AppLovin Corporation $APP Stock Holdings Lifted by Spyglass Capital Management LLC

Spyglass Capital Management LLC lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 14.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 191,028 shares of the company’s stock after purchasing an additional 24,471 shares during the quarter. AppLovin comprises 5.3% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 5th biggest position. Spyglass Capital Management LLC’s holdings in AppLovin were worth $98,423,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Revolve Wealth Partners LLC purchased a new stake in AppLovin in the 4th quarter valued at $294,000. Bison Wealth LLC acquired a new stake in AppLovin during the fourth quarter worth about $239,000. Integrated Wealth Concepts LLC grew its stake in shares of AppLovin by 58.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after buying an additional 621 shares during the period. NewEdge Advisors LLC increased its holdings in shares of AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after buying an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after buying an additional 9,380 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Trading Down 1.8%

Shares of NASDAQ APP opened at $312.06 on Tuesday. AppLovin Corporation has a twelve month low of $297.50 and a twelve month high of $745.61. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. The stock has a fifty day simple moving average of $406.39 and a 200-day simple moving average of $443.03. The stock has a market capitalization of $104.43 billion, a PE ratio of 23.99, a PEG ratio of 0.64 and a beta of 2.54.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the business posted $2.39 earnings per share. The business’s quarterly revenue was up 52.8% compared to the same quarter last year. On average, equities analysts forecast that AppLovin Corporation will post 15.53 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Phillip Securities upgraded AppLovin from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Bank of America reaffirmed a “neutral” rating and issued a $400.00 price target (down from $430.00) on shares of AppLovin in a research note on Tuesday, August 11th. Scotiabank reiterated a “sector outperform” rating and set a $515.00 price target on shares of AppLovin in a report on Thursday, August 6th. Finally, Wells Fargo & Company cut their price objective on AppLovin from $357.00 to $325.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $552.74.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction on 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 completion of the transaction, the chief executive officer owned 2,369,351 shares in the company, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. This represents a 2.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 294,228 shares of company stock worth $148,403,985. 12.81% of the stock is currently owned by corporate insiders.

AppLovin Company Profile

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.