Spyglass Capital Management LLC Purchases 45,919 Shares of AppLovin Corporation $APP

Spyglass Capital Management LLC boosted its position in shares of AppLovin Corporation (NASDAQ:APP) by 38.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,557 shares of the company’s stock after acquiring an additional 45,919 shares during the quarter. AppLovin accounts for approximately 4.7% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 7th biggest position. Spyglass Capital Management LLC’s holdings in AppLovin were worth $66,290,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of APP. State Street Corp lifted its position in shares of AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after purchasing an additional 4,063,763 shares in the last quarter. Norges Bank acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $2,040,321,000. Northern Trust Corp increased its stake in AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after buying an additional 756,660 shares during the period. Finally, Amundi increased its stake in AppLovin by 81.3% during the 4th quarter. Amundi now owns 1,426,896 shares of the company’s stock worth $961,471,000 after buying an additional 639,836 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Performance

Shares of APP stock opened at $418.22 on Wednesday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a fifty day moving average price of $496.20 and a 200 day moving average price of $476.06. The company has a market cap of $140.50 billion, a P/E ratio of 35.93, a PEG ratio of 0.68 and a beta of 2.49. AppLovin Corporation has a 12 month low of $358.55 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the company posted $1.67 earnings per share. AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. Sell-side analysts predict that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on APP shares. Needham & Company LLC reissued a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Weiss Ratings cut AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Finally, BTIG Research reiterated a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $668.45.

Insiders Place Their Bets

In other news, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the sale, the director owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. The trade was a 4.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is currently owned by company 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.