Convergence Investment Partners LLC Sells 1,354 Shares of AppLovin Corporation $APP

Convergence Investment Partners LLC lessened its holdings in AppLovin Corporation (NASDAQ:APP) by 26.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,862 shares of the company’s stock after selling 1,354 shares during the period. Convergence Investment Partners LLC’s holdings in AppLovin were worth $1,537,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Washington Trust Advisors Inc. raised its stake in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $32,000. Osbon Capital Management LLC purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $36,000. Finally, Aventura Private Wealth LLC bought a new stake in AppLovin during the fourth quarter worth $38,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of AppLovin stock opened at $428.69 on Wednesday. The business’s fifty day simple moving average is $503.70 and its 200 day simple moving average is $484.09. The firm has a market capitalization of $144.01 billion, a P/E ratio of 36.83, a price-to-earnings-growth ratio of 0.69 and a beta of 2.49. AppLovin Corporation has a 12 month low of $343.00 and a 12 month high of $745.61. 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 posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping 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 business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the firm earned $1.67 earnings per share. The business’s revenue was up 58.9% on a year-over-year basis. As a group, analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current year.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the sale, the chief executive officer owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 393,000 shares of company stock worth $197,297,363 in the last ninety days. Corporate insiders own 12.81% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on APP. JPMorgan Chase & Co. increased their price target on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price objective on shares of AppLovin in a report on Thursday, May 28th. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Benchmark reiterated a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Finally, Raymond James Financial initiated coverage on shares of AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $668.45.

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.