Spruce House Investment Management LLC Reduces Stock Position in AppLovin Corporation $APP

Key Points

• Spruce House Investment Management reduced its AppLovin position by 0.5%, selling 9,729 shares and retaining 1.79 million shares valued at approximately $712.4 million. AppLovin remains the fund’s second-largest holding and represents 25.4% of its portfolio.
• Institutional ownership remains significant, with hedge funds and other institutions holding 41.85% of AppLovin shares. However, insiders sold 393,000 shares worth roughly $197.3 million during the latest quarter.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $668.45 price target. AppLovin recently exceeded earnings and revenue estimates, reporting $3.56 EPS and $1.84 billion in quarterly revenue, up 58.9% year over year.

Spruce House Investment Management LLC trimmed its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 0.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,790,000 shares of the company's stock after selling 9,729 shares during the quarter. AppLovin comprises about 25.4% of Spruce House Investment Management LLC's holdings, making the stock its 2nd biggest holding. Spruce House Investment Management LLC owned 0.53% of AppLovin worth $712,420,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of APP. State Street Corp lifted its position in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC grew its stake in shares of AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company's stock worth $2,826,049,000 after acquiring an additional 4,063,763 shares during the period. Norges Bank purchased a new stake in AppLovin during the 4th quarter valued at $2,040,321,000. Northern Trust Corp lifted its holdings in AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after acquiring an additional 756,660 shares during the period. Finally, Amundi lifted its stake in shares of AppLovin by 81.3% in the 4th quarter. Amundi now owns 1,426,896 shares of the company's stock worth $961,471,000 after purchasing an additional 639,836 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Weiss Ratings downgraded AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday. UBS Group decreased their price target on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Piper Sandler reiterated an "overweight" rating on shares of AppLovin in a research report on Tuesday, July 7th. Morgan Stanley reaffirmed an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. Finally, KeyCorp set a $775.00 price target on AppLovin in a research report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and a consensus price target of $668.45.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares of the company's stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares in the company, valued at $106,470,000. This trade represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 393,000 shares of company stock worth $197,297,363. Corporate insiders own 12.81% of the company's stock.

AppLovin Price Performance

APP opened at $391.98 on Monday. The business's 50-day moving average is $498.97 and its two-hundred day moving average is $479.01. 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 Corporation has a 1 year low of $357.03 and a 1 year high of $745.61. The firm has a market capitalization of $131.68 billion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 0.64 and a beta of 2.49.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm's quarterly revenue was up 58.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.67 EPS. Research analysts anticipate that AppLovin Corporation will post 15.93 earnings per share 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.