Spirepoint Private Client LLC Makes New Investment in AppLovin Co. (NASDAQ:APP)

Spirepoint Private Client LLC bought a new stake in shares of AppLovin Co. (NASDAQ:APP) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,994 shares of the company’s stock, valued at approximately $207,000.

A number of other hedge funds have also recently made changes to their positions in APP. Vanguard Group Inc. increased its holdings in AppLovin by 8.5% during the 3rd quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock worth $723,245,000 after purchasing an additional 1,411,453 shares during the period. WCM Investment Management LLC purchased a new position in shares of AppLovin during the first quarter valued at $497,488,000. Sapient Capital LLC purchased a new position in shares of AppLovin during the fourth quarter valued at $165,057,000. First Trust Advisors LP raised its holdings in shares of AppLovin by 42.6% in the fourth quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock valued at $91,605,000 after acquiring an additional 686,258 shares in the last quarter. Finally, Raymond James & Associates lifted its stake in AppLovin by 48.4% in the first quarter. Raymond James & Associates now owns 1,545,837 shares of the company’s stock worth $107,003,000 after acquiring an additional 503,998 shares during the period. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Performance

Shares of NASDAQ:APP traded up $0.87 during trading on Friday, hitting $81.80. The stock had a trading volume of 1,654,460 shares, compared to its average volume of 3,418,487. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59. AppLovin Co. has a 12-month low of $27.32 and a 12-month high of $91.91. The stock has a market capitalization of $26.91 billion, a price-to-earnings ratio of 48.69, a price-to-earnings-growth ratio of 1.38 and a beta of 1.86. The stock has a 50-day simple moving average of $82.26 and a two-hundred day simple moving average of $67.70.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $973.70 million. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. AppLovin’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) EPS. On average, equities research analysts expect that AppLovin Co. will post 2.96 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $81.37, for a total transaction of $235,159.30. Following the completion of the transaction, the insider now owns 448,490 shares in the company, valued at approximately $36,493,631.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Dawson Alyssa Harvey sold 4,371 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $75.65, for a total value of $330,666.15. Following the completion of the transaction, the director now directly owns 11,565 shares in the company, valued at approximately $874,892.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $81.37, for a total transaction of $235,159.30. Following the sale, the insider now owns 448,490 shares in the company, valued at approximately $36,493,631.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,857,726 shares of company stock valued at $1,489,251,374. 14.69% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on APP. Daiwa Capital Markets started coverage on shares of AppLovin in a report on Monday, April 15th. They issued a “neutral” rating and a $80.00 price target for the company. Citigroup upped their target price on AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Morgan Stanley raised their price target on shares of AppLovin from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. Jefferies Financial Group increased their target price on shares of AppLovin from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Finally, The Goldman Sachs Group lifted their price target on shares of AppLovin from $73.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.72.

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.