Spirepoint Private Client LLC Decreases Holdings in AppLovin Corporation (NASDAQ:APP)

Spirepoint Private Client LLC lowered its stake in AppLovin Corporation (NASDAQ:APP) by 12.3% in the 1st quarter, HoldingsChannel reports. The fund owned 1,949 shares of the company’s stock after selling 273 shares during the period. Spirepoint Private Client LLC’s holdings in AppLovin were worth $516,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in APP. Fuller & Thaler Asset Management Inc. bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $25,000. Riverview Trust Co raised its holdings in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after buying an additional 82 shares during the period. Tucker Asset Management LLC bought a new stake in AppLovin in the fourth quarter worth $28,000. Smithfield Trust Co purchased a new position in AppLovin during the fourth quarter worth $32,000. Finally, ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter worth $29,000. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Performance

Shares of AppLovin stock opened at $335.40 on Tuesday. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock’s fifty day moving average price is $335.19 and its 200-day moving average price is $333.39. The firm has a market cap of $113.50 billion, a P/E ratio of 60.54, a P/E/G ratio of 1.89 and a beta of 2.53. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm’s quarterly revenue was up 40.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.67 EPS. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Victoria Valenzuela sold 6,585 shares of the company’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the completion of the sale, the insider now directly owns 357,903 shares in the company, valued at $132,506,427.69. This represents a 1.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 34,766 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the sale, the chief technology officer now directly owns 70,889 shares in the company, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on APP shares. Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Thursday, May 29th. Oppenheimer reissued an “outperform” rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Piper Sandler raised their price objective on shares of AppLovin from $425.00 to $455.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. UBS Group upped their target price on AppLovin from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Finally, Wells Fargo & Company increased their price target on AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $438.10.

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.