Spyglass Capital Management LLC Has $102.03 Million Stake in AppLovin Co. (NASDAQ:APP)

Spyglass Capital Management LLC trimmed its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 61.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 315,061 shares of the company's stock after selling 503,048 shares during the period. AppLovin accounts for about 5.7% of Spyglass Capital Management LLC's holdings, making the stock its 2nd biggest holding. Spyglass Capital Management LLC owned approximately 0.09% of AppLovin worth $102,026,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Oxinas Partners Wealth Management LLC purchased a new position in AppLovin in the 4th quarter valued at about $1,081,000. Barclays PLC boosted its position in AppLovin by 92.5% in the 3rd quarter. Barclays PLC now owns 318,992 shares of the company's stock valued at $41,643,000 after buying an additional 153,248 shares during the last quarter. Tcfg Wealth Management LLC purchased a new position in AppLovin in the 4th quarter valued at about $369,000. Caprock Group LLC boosted its position in AppLovin by 42.2% in the 4th quarter. Caprock Group LLC now owns 42,146 shares of the company's stock valued at $13,648,000 after buying an additional 12,500 shares during the last quarter. Finally, Aaron Wealth Advisors LLC purchased a new position in AppLovin in the 4th quarter valued at about $382,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Performance

Shares of NASDAQ:APP traded down $4.70 during trading hours on Wednesday, hitting $358.35. The stock had a trading volume of 7,554,897 shares, compared to its average volume of 6,043,238. The stock's fifty day simple moving average is $288.92 and its 200 day simple moving average is $321.26. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a market capitalization of $121.26 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the business earned $0.67 earnings per share. AppLovin's revenue was up 40.3% compared to the same quarter last year. Sell-side analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on APP shares. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Monday, April 21st. Piper Sandler upped their price objective on shares of AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Oppenheimer reissued an "outperform" rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. HSBC set a $436.00 price target on shares of AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Finally, UBS Group increased their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $433.85.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This trade represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares of the company's stock, valued at $201,675,501.85. This trade represents a 24.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,132,654 shares of company stock worth $414,627,485. 14.69% of the stock is owned by company 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.