AppLovin Corporation $APP Shares Bought by Spyglass Capital Management LLC

Spyglass Capital Management LLC grew its position in shares of AppLovin Corporation (NASDAQ:APP) by 38.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 166,557 shares of the company’s stock after buying an additional 45,919 shares during the quarter. AppLovin makes up approximately 4.7% of Spyglass Capital Management LLC’s portfolio, making the stock its 7th largest holding. Spyglass Capital Management LLC’s holdings in AppLovin were worth $66,290,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Calamos Advisors LLC lifted its position in AppLovin by 73.3% during the 4th quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock worth $32,840,000 after acquiring an additional 20,609 shares during the period. Capricorn Fund Managers Ltd acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $4,043,000. Dara Capital US Inc. acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $1,747,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of AppLovin by 12.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 195,265 shares of the company’s stock worth $131,573,000 after purchasing an additional 21,427 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of AppLovin by 97.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 43,988 shares of the company’s stock worth $29,640,000 after purchasing an additional 21,694 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on APP. Wedbush reiterated 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 upped their price objective on shares of AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. BTIG Research restated a “buy” rating and issued a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Argus assumed coverage on shares of AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price for the company. Finally, Citigroup reaffirmed a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Stock Up 1.3%

AppLovin stock opened at $418.22 on Wednesday. The stock’s 50 day moving average price is $496.20 and its 200 day moving average price is $476.06. AppLovin Corporation has a 1-year low of $358.55 and a 1-year high of $745.61. The company has a market cap of $140.50 billion, a PE ratio of 35.93, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the business posted $1.67 earnings per share. AppLovin’s revenue was up 58.9% compared to the same quarter last year. On average, sell-side analysts predict that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider owned 243,961 shares in the company, valued at $138,055,090.29. This trade represents a 7.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Vasily Shikin sold 62,804 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the completion of the sale, the chief technology officer owned 3,189,739 shares of the company’s stock, valued at $1,545,173,366.38. This trade represents a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 393,000 shares of company stock worth $197,297,363. Company insiders own 12.81% of the company’s stock.

AppLovin 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.