Armistice Capital LLC Grows Stake in AppLovin Corporation $APP

Armistice Capital LLC increased its stake in AppLovin Corporation (NASDAQ:APP) by 14.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,262 shares of the company’s stock after acquiring an additional 2,742 shares during the period. Armistice Capital LLC’s holdings in AppLovin were worth $15,001,000 as of its most recent SEC filing.

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

AppLovin Trading Down 6.9%

Shares of AppLovin stock opened at $479.49 on Thursday. The firm has a market capitalization of $161.08 billion, a PE ratio of 41.19, a P/E/G ratio of 0.84 and a beta of 2.45. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The firm’s 50-day moving average price is $489.48 and its 200 day moving average price is $519.07. 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 issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same period last year, the company posted $1.67 EPS. On average, sell-side analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 62,804 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the transaction, the chief technology officer directly owned 3,189,739 shares of the company’s stock, valued at approximately $1,545,173,366.38. This trade represents a 1.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 226,014 shares of company stock valued at $113,073,400. 13.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on APP shares. Weiss Ratings lowered AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 7th. BTIG Research reiterated a “buy” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Arete Research set a $340.00 price objective on AppLovin and gave the company a “neutral” rating in a report on Monday, March 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Finally, UBS Group cut their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $669.62.

About AppLovin

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.