AppLovin Corporation $APP Holdings Lifted by Spyglass Capital Management LLC

Key Points

• Spyglass Capital Management increased its AppLovin stake by 14.7% in the second quarter to 191,028 shares valued at approximately $98.4 million. Institutional investors collectively own 41.85% of the company.
• AppLovin shares opened at $312.06, near their 52-week low of $297.50 and well below the $745.61 high. The stock has a consensus “Moderate Buy” rating and an average analyst price target of $552.74.
• AppLovin reported quarterly EPS of $3.76 and revenue of $1.92 billion, with revenue rising 52.8% year over year. Meanwhile, insiders sold 294,228 shares worth roughly $148.4 million over the past 90 days.

Spyglass Capital Management LLC boosted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 14.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 191,028 shares of the company's stock after acquiring an additional 24,471 shares during the period. AppLovin accounts for 5.3% of Spyglass Capital Management LLC's portfolio, making the stock its 5th largest holding. Spyglass Capital Management LLC owned approximately 0.06% of AppLovin worth $98,423,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. Signature Estate & Investment Advisors LLC raised its position in AppLovin by 3,695.3% during the second quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company's stock valued at $39,345,000 after purchasing an additional 74,349 shares during the period. Insight Wealth Strategies LLC bought a new stake in shares of AppLovin during the second quarter worth $6,939,000. Generate Investment Management Ltd bought a new stake in AppLovin during the 2nd quarter valued at about $7,226,000. Asset Management One Co. Ltd. grew its position in shares of AppLovin by 6.5% during the 2nd quarter. Asset Management One Co. Ltd. now owns 105,909 shares of the company's stock worth $54,567,000 after buying an additional 6,424 shares in the last quarter. Finally, North Dakota State Investment Board purchased a new stake in shares of AppLovin in the 4th quarter worth approximately $5,490,000. Institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the transaction, the director owned 120,444 shares in the company, valued at $62,786,252.76. This trade represents a 2.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 transaction of $16,089,801.90. Following the completion of the sale, the chief executive officer owned 2,369,351 shares in the company, valued at approximately $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. In the last 90 days, insiders sold 294,228 shares of company stock valued at $148,403,985. Corporate insiders own 12.81% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the subject of several recent research reports. KeyCorp set a $775.00 price target on AppLovin in a research report on Wednesday, June 10th. Weiss Ratings raised shares of AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Piper Sandler cut their price target on shares of AppLovin from $385.00 to $325.00 and set a "neutral" rating on the stock in a report on Friday, August 21st. Phillip Securities upgraded shares of AppLovin from a "moderate buy" rating to a "strong-buy" rating in a report on Tuesday, August 11th. Finally, Wedbush dropped their price target on AppLovin from $640.00 to $610.00 and set an "outperform" rating on the stock in a research note on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $552.74.

AppLovin Price Performance

NASDAQ:APP opened at $312.06 on Tuesday. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a 52 week low of $297.50 and a 52 week high of $745.61. The stock's 50-day moving average price is $406.39 and its 200-day moving average price is $443.03. The stock has a market capitalization of $104.43 billion, a PE ratio of 23.99, a price-to-earnings-growth ratio of 0.64 and a beta of 2.54.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts' consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company had revenue of $1.92 billion during the quarter, compared to analysts' expectations of $1.94 billion. During the same quarter in the prior year, the firm posted $2.39 EPS. AppLovin's quarterly revenue was up 52.8% compared to the same quarter last year. As a group, equities analysts expect that AppLovin Corporation will post 15.53 EPS for the current fiscal year.

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.

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