Logan Capital Management Inc. Reduces Holdings in AppLovin Corporation $APP

Key Points

• Logan Capital Management Inc. sold 8,413 shares of AppLovin, reducing its stake by 7.7%, and now owns 101,359 shares valued at approximately $26.86 million.
• Significant increases in AppLovin holdings were reported from various institutional investors, with Dynasty Wealth Management leading at a 117,664.4% increase, now owning over $716 million in shares.
• AppLovin recently reported earnings of $2.26 per share, surpassing analyst estimates, but its revenue of $1.26 billion fell short of expectations, highlighting mixed financial performance.

Logan Capital Management Inc. reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 7.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 101,359 shares of the company's stock after selling 8,413 shares during the quarter. AppLovin accounts for 1.2% of Logan Capital Management Inc.'s investment portfolio, making the stock its 15th largest position. Logan Capital Management Inc.'s holdings in AppLovin were worth $26,857,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in APP. Dynasty Wealth Management LLC lifted its holdings in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after acquiring an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of AppLovin by 86.5% in the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after acquiring an additional 1,107,104 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Up 1.9%

Shares of APP traded up $10.69 during midday trading on Friday, reaching $582.00. The stock had a trading volume of 6,725,840 shares, compared to its average volume of 5,778,341. AppLovin Corporation has a 1-year low of $105.94 and a 1-year high of $587.88. The company's fifty day simple moving average is $424.50 and its two-hundred day simple moving average is $353.63. The company has a market cap of $196.86 billion, a price-to-earnings ratio of 82.67, a PEG ratio of 3.19 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the business earned $0.89 EPS. The company's revenue was up 77.1% on a year-over-year basis. Equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on APP shares. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Zacks Research upgraded shares of AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. BTIG Research increased their target price on shares of AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Jefferies Financial Group increased their target price on shares of AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $487.86.

Insider Activity

In other news, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director directly owned 3,150 shares in the company, valued at approximately $1,537,105.50. This trade represents a 10.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares in the company, valued at $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. Company insiders own 13.66% of the company's stock.

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.