Spyglass Capital Management LLC Sells 230,130 Shares of AppLovin Co. (NASDAQ:APP)

Spyglass Capital Management LLC cut its holdings in AppLovin Co. (NASDAQ:APP) by 22.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 818,109 shares of the company’s stock after selling 230,130 shares during the quarter. AppLovin makes up approximately 7.0% of Spyglass Capital Management LLC’s portfolio, making the stock its largest holding. Spyglass Capital Management LLC’s holdings in AppLovin were worth $106,804,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of APP. FMR LLC grew its holdings in AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares in the last quarter. Fred Alger Management LLC bought a new stake in shares of AppLovin during the 2nd quarter worth about $290,655,000. 1832 Asset Management L.P. grew its stake in shares of AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. WCM Investment Management LLC grew its stake in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its stake in shares of AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after purchasing an additional 500,407 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In related news, CFO Matthew Stumpf sold 21,101 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the sale, the chief technology officer now directly owns 3,919,024 shares of the company’s stock, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,065 shares of company stock worth $233,072,408. 14.69% of the stock is owned by insiders.

AppLovin Stock Performance

Shares of APP opened at $328.56 on Friday. The company has a market cap of $110.26 billion, a PE ratio of 99.56, a price-to-earnings-growth ratio of 3.94 and a beta of 1.86. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a 50-day moving average price of $193.60 and a 200-day moving average price of $122.53. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $344.77.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the company posted $0.30 earnings per share. The firm’s revenue was up 38.6% on a year-over-year basis. As a group, equities analysts forecast that AppLovin Co. will post 4.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Benchmark reiterated a “sell” rating and set a $66.00 target price on shares of AppLovin in a research note on Thursday, November 7th. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and raised their target price for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Finally, Loop Capital raised their target price on shares of AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.57.

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.