AppLovin Corporation $APP is Spruce House Investment Management LLC’s 2nd Largest Position

Spruce House Investment Management LLC decreased its stake in shares of AppLovin Corporation (NASDAQ:APP) by 0.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,790,000 shares of the company’s stock after selling 9,729 shares during the quarter. AppLovin accounts for 25.4% of Spruce House Investment Management LLC’s portfolio, making the stock its 2nd largest position. Spruce House Investment Management LLC’s holdings in AppLovin were worth $712,420,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after purchasing an additional 166,117 shares during the period. State Street Corp boosted its stake in AppLovin by 0.4% during the 4th quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after acquiring an additional 52,377 shares during the last quarter. Geode Capital Management LLC grew its position in shares of AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after acquiring an additional 448,005 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of AppLovin by 3.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock valued at $4,103,386,000 after buying an additional 212,349 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in shares of AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after acquiring an additional 538,806 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on APP. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. JPMorgan Chase & Co. upped their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Wedbush reissued an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Finally, BTIG Research reiterated a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

AppLovin Stock Performance

NASDAQ:APP opened at $391.98 on Monday. The stock has a market cap of $131.68 billion, a P/E ratio of 33.68, a price-to-earnings-growth ratio of 0.64 and a beta of 2.49. AppLovin Corporation has a 1-year low of $357.03 and a 1-year high of $745.61. The stock’s 50-day moving average is $498.97 and its 200-day moving average is $479.01. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm posted $1.67 EPS. The company’s quarterly revenue was up 58.9% on a year-over-year basis. Equities research analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insider Activity

In related news, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the sale, the chief technology officer owned 3,189,739 shares of the company’s stock, valued at approximately $1,545,173,366.38. This represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on 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 sale, the director owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by corporate insiders.

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.