AppLovin Co. (NASDAQ:APP) Shares Sold by Spruce House Investment Management LLC

Spruce House Investment Management LLC trimmed its stake in AppLovin Co. (NASDAQ:APP - Free Report) by 13.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,107,024 shares of the company's stock after selling 492,976 shares during the period. AppLovin makes up 37.0% of Spruce House Investment Management LLC's investment portfolio, making the stock its largest holding. Spruce House Investment Management LLC owned about 0.93% of AppLovin worth $1,006,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of APP. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin in the 4th quarter valued at $25,000. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin during the 4th quarter worth $25,000. Riverview Trust Co grew its position in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC purchased a new position in AppLovin during the 4th quarter worth $28,000. Finally, Hemington Wealth Management grew its position in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock worth $29,000 after purchasing an additional 40 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of NASDAQ APP traded down $4.27 during midday trading on Friday, hitting $362.34. The company had a trading volume of 4,689,782 shares, compared to its average volume of 6,032,635. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The business has a 50-day simple moving average of $285.14 and a two-hundred day simple moving average of $318.48. The firm has a market capitalization of $123.18 billion, a price-to-earnings ratio of 79.81, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter last year, the business earned $0.67 earnings per share. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. Equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Oppenheimer reissued an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Loop Capital reissued a "buy" rating and set a $650.00 price objective on shares of AppLovin in a research report on Friday, March 28th. Bank of America raised their price objective on shares of AppLovin from $375.00 to $580.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Citigroup raised their price objective on shares of AppLovin from $460.00 to $600.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley raised their price objective on shares of AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $433.85.

Insider Activity at AppLovin

In other AppLovin news, Director Dawson Alyssa Harvey sold 570 shares of AppLovin stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $371.12, for a total transaction of $211,538.40. Following the completion of the transaction, the director now owns 6,231 shares in the company, valued at approximately $2,312,448.72. The trade was a 8.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the transaction, the chief executive officer now owns 2,869,492 shares of the company's stock, valued at approximately $1,179,045,567.88. The trade was a 1.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,119,470 shares of company stock worth $409,752,180 over the last 90 days. Company insiders own 14.69% of the company's stock.

AppLovin Profile

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.