Convergence Investment Partners LLC Sells 6,245 Shares of AppLovin Co. (NASDAQ:APP)

Convergence Investment Partners LLC decreased its holdings in shares of AppLovin Co. (NASDAQ:APP) by 31.5% during the fourth quarter, HoldingsChannel reports. The firm owned 13,592 shares of the company’s stock after selling 6,245 shares during the period. AppLovin comprises 1.0% of Convergence Investment Partners LLC’s portfolio, making the stock its 19th largest holding. Convergence Investment Partners LLC’s holdings in AppLovin were worth $4,401,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Capital Performance Advisors LLP bought a new position in AppLovin in the third quarter worth approximately $25,000. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin in the 4th quarter valued at $25,000. DT Investment Partners LLC bought a new position in shares of AppLovin in the 3rd quarter worth $27,000. Meeder Asset Management Inc. purchased a new stake in shares of AppLovin during the 3rd quarter worth $27,000. Finally, Raleigh Capital Management Inc. bought a new stake in AppLovin during the third quarter valued at about $29,000. Institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on APP shares. Wedbush reiterated an “outperform” rating and issued a $270.00 target price (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Macquarie increased their target price on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Citigroup lifted their price target on shares of AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Benchmark increased their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Thursday, February 13th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $422.18.

AppLovin Trading Down 2.8 %

NASDAQ APP opened at $496.07 on Wednesday. AppLovin Co. has a 1 year low of $54.50 and a 1 year high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a market capitalization of $166.48 billion, a PE ratio of 150.33, a P/E/G ratio of 3.10 and a beta of 2.30. The company has a fifty day moving average of $358.18 and a 200 day moving average of $237.58.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. Research analysts forecast that AppLovin Co. will post 4.09 earnings per share for the current year.

Insider Transactions at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 15,971 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total value of $5,000,040.97. Following the sale, the insider now directly owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. This trade represents a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Herald Y. Chen sold 400 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $366.16, for a total value of $146,464.00. Following the transaction, the chief financial officer now directly owns 207,649 shares of the company’s stock, valued at approximately $76,032,757.84. The trade was a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 828,991 shares of company stock valued at $267,640,144 in the last 90 days. 14.69% of the stock is currently owned by company insiders.

AppLovin 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.