Convergence Investment Partners LLC Decreases Stock Position in AppLovin Corporation $APP

Convergence Investment Partners LLC cut its position in AppLovin Corporation (NASDAQ:APP) by 26.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in APP. Washington Trust Advisors Inc. increased its holdings in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new stake in AppLovin during the fourth quarter valued at about $27,000. Laurel Wealth Advisors LLC bought a new position in AppLovin during the fourth quarter worth about $32,000. First Pacific Financial bought a new position in AppLovin during the first quarter worth about $33,000. Finally, IMA Advisory Services Inc. boosted its position in AppLovin by 40.0% during the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company’s stock worth $33,000 after purchasing an additional 24 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on APP. Wedbush reissued an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Piper Sandler reaffirmed an “overweight” rating on shares of AppLovin in a report on Tuesday, July 7th. Benchmark reiterated a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Weiss Ratings raised shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

Insider Buying and Selling at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the sale, the chief executive officer owned 2,327,684 shares in the company, valued at $1,152,157,026.32. This represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 393,000 shares of company stock worth $197,297,363 in the last ninety days. Insiders own 12.81% of the company’s stock.

AppLovin Stock Up 1.0%

APP stock opened at $428.69 on Wednesday. The stock has a 50-day simple moving average of $503.70 and a two-hundred day simple moving average of $484.09. AppLovin Corporation has a twelve month low of $343.00 and a twelve month high of $745.61. The firm has a market capitalization of $144.01 billion, a PE ratio of 36.83, a PEG ratio of 0.69 and a beta of 2.49. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The company’s revenue for the quarter was up 58.9% on a year-over-year basis. On average, equities analysts predict that AppLovin Corporation will post 15.93 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.