Spire Wealth Management Trims Stake in AppLovin Corporation $APP

Spire Wealth Management lessened its position in AppLovin Corporation (NASDAQ:APP) by 18.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,278 shares of the company’s stock after selling 1,463 shares during the quarter. Spire Wealth Management’s holdings in AppLovin were worth $2,177,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of APP. Vanguard Group Inc. grew its stake in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. grew its stake in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Invesco Ltd. grew its stake in AppLovin by 32.9% during the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after purchasing an additional 992,316 shares in the last quarter. Finally, Kensico Capital Management Corp grew its stake in AppLovin by 12.9% during the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock worth $762,849,000 after purchasing an additional 328,000 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 1.7%

Shares of NASDAQ APP opened at $620.62 on Friday. The stock has a market cap of $209.92 billion, a PE ratio of 88.16, a price-to-earnings-growth ratio of 3.43 and a beta of 2.53. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52-week low of $158.33 and a 52-week high of $745.61. The business has a 50-day moving average price of $585.88 and a 200 day moving average price of $434.29.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business’s revenue was up 77.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 EPS. Equities research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Scotiabank reissued an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. Phillip Securities raised AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Zacks Research cut AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Jefferies Financial Group upped their price objective on AppLovin from $560.00 to $615.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Finally, Wall Street Zen cut AppLovin from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $605.13.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider directly owned 269,955 shares of the company’s stock, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer directly owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,156,788 shares of company stock valued at $514,863,333 in the last 90 days. Company insiders own 13.66% of the company’s stock.

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.