Glynn Capital Management LLC Boosts Holdings in AppLovin Corporation $APP

Key Points

• Glynn Capital Management dramatically increased its stake in AppLovin in the fourth quarter, owning 13,941 shares worth about $9.4 million after a massive percentage increase in holdings.
• Wall Street remains largely bullish on APP, with multiple analysts reiterating or raising ratings and price targets; the consensus view is still “Moderate Buy” with an average target of $664.35.
• AppLovin’s latest earnings were strong, as the company beat expectations on both EPS and revenue and reported 58.9% year-over-year revenue growth, though insiders have also recently sold shares.

Glynn Capital Management LLC grew its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 126,636.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,941 shares of the company's stock after buying an additional 13,930 shares during the period. AppLovin accounts for approximately 3.2% of Glynn Capital Management LLC's investment portfolio, making the stock its 17th largest position. Glynn Capital Management LLC's holdings in AppLovin were worth $9,394,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Washington Trust Advisors Inc. grew its stake in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after buying an additional 24 shares during the period. Chilton Capital Management LLC purchased a new stake in shares of AppLovin in the 3rd quarter valued at approximately $29,000. Board of the Pension Protection Fund purchased a new stake in shares of AppLovin in the 4th quarter valued at approximately $27,000. Activest Wealth Management grew its stake in shares of AppLovin by 760.0% in the 3rd quarter. Activest Wealth Management now owns 43 shares of the company's stock valued at $31,000 after buying an additional 38 shares during the period. Finally, CBIZ Investment Advisory Services LLC grew its stake in shares of AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock valued at $33,000 after buying an additional 17 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on APP shares. Piper Sandler increased their price target on shares of AppLovin from $650.00 to $665.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Evercore restated a "buy" rating on shares of AppLovin in a report on Friday, January 30th. Needham & Company LLC restated a "buy" rating and issued a $700.00 price objective on shares of AppLovin in a report on Thursday. The Goldman Sachs Group decreased their price objective on shares of AppLovin from $710.00 to $585.00 and set a "neutral" rating on the stock in a report on Thursday, February 12th. Finally, Wedbush restated an "outperform" rating and issued a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $664.35.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the sale, the director directly owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This represents a 2.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Vasily Shikin sold 2,889 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $488.90, for a total transaction of $1,412,432.10. Following the sale, the chief technology officer owned 17,945 shares in the company, valued at approximately $8,773,310.50. This trade represents a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 454,964 shares of company stock worth $213,046,785 in the last ninety days. 13.66% of the stock is owned by corporate insiders.

AppLovin Stock Performance

Shares of APP stock opened at $599.89 on Friday. The firm's 50 day moving average price is $453.17 and its 200-day moving average price is $521.05. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The firm has a market cap of $201.53 billion, a P/E ratio of 51.54, a P/E/G ratio of 0.92 and a beta of 2.37.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business's revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.67 EPS. As a group, equities research analysts predict that AppLovin Corporation will post 15.86 EPS for the current year.

Trending Headlines about AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Morgan Stanley reiterated an Overweight rating and $720 price target, helping push shares sharply higher and reinforcing the view that Wall Street still sees more upside in APP. AppLovin Stock Is Having a Bad Year. Why It’s Today’s Top Performer in the S&P 500.
• Positive Sentiment: Needham & Company reaffirmed a Buy rating and raised its price target to $700, while Deutsche Bank also lifted its target to $660, signaling continued analyst confidence in AppLovin’s growth story. Benzinga report on Needham rating
• Positive Sentiment: The company’s recent earnings results were strong, with revenue up 58.9% year over year and both EPS and revenue beating expectations, supporting the bullish case for the stock. AppLovin stock overview
• Neutral Sentiment: A Zacks comparison piece said Coherent may be better positioned than APP due to valuation concerns, which highlights that AppLovin’s premium pricing remains a debate among investors. Coherent vs. AppLovin: Which AI Growth Stock is Better Positioned?
• Negative Sentiment: Recent SEC filings show CTO Vasily Shikin sold shares, which can create some caution around insider sentiment even though the sales were small relative to his remaining stake. SEC filing for insider sale

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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