Spruce House Investment Management LLC Has $299.59 Million Stake in AppLovin Co. (NASDAQ:APP)

Spruce House Investment Management LLC decreased its stake in shares of AppLovin Co. (NASDAQ:APP) by 28.0% during the second quarter, Holdings Channel reports. The firm owned 3,600,000 shares of the company’s stock after selling 1,400,000 shares during the quarter. AppLovin comprises about 19.7% of Spruce House Investment Management LLC’s holdings, making the stock its 2nd biggest position. Spruce House Investment Management LLC’s holdings in AppLovin were worth $299,592,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. WCM Investment Management LLC bought a new position in shares of AppLovin in the 1st quarter worth approximately $497,488,000. Fred Alger Management LLC purchased a new stake in AppLovin during the second quarter valued at approximately $290,655,000. Whale Rock Capital Management LLC bought a new position in AppLovin in the first quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. boosted its stake in shares of AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after acquiring an additional 2,525,240 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its position in shares of AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after acquiring an additional 1,357,400 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

APP has been the topic of a number of recent research reports. BTIG Research raised their target price on AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, September 13th. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. Bank of America increased their target price on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Jefferies Financial Group lifted their price target on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Citigroup increased their price objective on shares of AppLovin from $110.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average price target of $103.09.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other AppLovin news, Director Eduardo Vivas sold 118,839 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the sale, the director now directly owns 7,641,531 shares in the company, valued at $693,468,938.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The disclosure for this sale can be found here. Insiders have sold 775,934 shares of company stock valued at $65,805,022 in the last ninety days. Corporate insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $129.08 on Wednesday. The firm’s fifty day moving average is $89.54 and its two-hundred day moving average is $81.44. AppLovin Co. has a 52-week low of $34.45 and a 52-week high of $130.39. The company has a market cap of $42.47 billion, a P/E ratio of 76.83, a P/E/G ratio of 1.41 and a beta of 1.88. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the business earned $0.22 earnings per share. The firm’s revenue for the quarter was up 44.0% on a year-over-year basis. As a group, analysts anticipate that AppLovin Co. will post 3.46 EPS for the current fiscal year.

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.