AppLovin Co. (NASDAQ:APP) is Spyglass Capital Management LLC’s Largest Position

Spyglass Capital Management LLC cut its position in shares of AppLovin Co. (NASDAQ:APP) by 22.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 818,109 shares of the company’s stock after selling 230,130 shares during the quarter. AppLovin makes up 7.0% of Spyglass Capital Management LLC’s investment portfolio, making the stock its largest position. Spyglass Capital Management LLC owned about 0.24% of AppLovin worth $106,804,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Great Valley Advisor Group Inc. lifted its position in shares of AppLovin by 2.2% during the third quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock worth $370,000 after purchasing an additional 60 shares in the last quarter. HM Payson & Co. lifted its holdings in AppLovin by 50.0% in the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares during the period. Aptus Capital Advisors LLC lifted its holdings in AppLovin by 0.3% in the 3rd quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock valued at $4,371,000 after acquiring an additional 104 shares during the last quarter. Ashton Thomas Securities LLC lifted its stake in AppLovin by 2.6% during the third quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock valued at $626,000 after buying an additional 121 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in AppLovin by 8.2% during the third quarter. GAMMA Investing LLC now owns 1,665 shares of the company’s stock valued at $217,000 after buying an additional 126 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In related news, Director Craig Scott Billings sold 18,000 shares of AppLovin stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total value of $5,740,920.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at approximately $952,673.78. This trade represents a 85.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew Stumpf sold 21,101 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the transaction, the chief financial officer now owns 213,336 shares of the company’s stock, valued at approximately $70,970,487.12. This trade represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,065 shares of company stock valued at $233,072,408 in the last ninety days. Company insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on APP shares. Wells Fargo & Company upped their target price on AppLovin from $250.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Bank of America increased their price target on AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a report on Monday. Oppenheimer increased their price target on AppLovin from $260.00 to $480.00 and gave the company an “outperform” rating in a report on Monday. Benchmark restated a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $265.57.

AppLovin Trading Down 0.4 %

Shares of NASDAQ APP opened at $328.56 on Friday. The business’s 50 day moving average is $193.60 and its two-hundred day moving average is $122.53. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $344.77. The stock has a market capitalization of $110.26 billion, a P/E ratio of 99.56, a PEG ratio of 3.94 and a beta of 1.86.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin’s revenue was up 38.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.30 earnings per share. As a group, research analysts expect that AppLovin Co. will post 4.05 EPS for the current year.

AppLovin Company 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.