Convergence Investment Partners LLC Sells 1,908 Shares of AppLovin Corporation $APP

Convergence Investment Partners LLC lessened its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 26.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,216 shares of the company’s stock after selling 1,908 shares during the quarter. Convergence Investment Partners LLC’s holdings in AppLovin were worth $3,515,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new position in AppLovin during the fourth quarter valued at $294,000. Bison Wealth LLC purchased a new position in AppLovin during the fourth quarter valued at $239,000. Integrated Wealth Concepts LLC lifted its position in AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after buying an additional 621 shares during the period. NewEdge Advisors LLC lifted its position in AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after buying an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in AppLovin by 7.2% during the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after buying an additional 9,380 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total value of $30,549,749.72. Following the transaction, the chief technology officer owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 365,244 shares of company stock worth $169,584,607 over the last three months. 13.66% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on the company. BTIG Research reissued a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Wedbush reissued an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Citigroup lowered their price objective on AppLovin from $820.00 to $710.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. JPMorgan Chase & Co. raised their price objective on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Finally, Argus started coverage on AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $664.35.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $501.00 on Friday. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The business has a fifty day moving average price of $447.26 and a 200-day moving average price of $529.13. The company has a market capitalization of $168.31 billion, a PE ratio of 43.04, a PEG ratio of 0.79 and a beta of 2.37.

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 the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the company earned $1.67 earnings per share. The company’s revenue was up 58.9% on a year-over-year basis. As a group, equities analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

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.