Convergence Investment Partners LLC increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 274.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,470 shares of the company's stock after acquiring an additional 10,608 shares during the period. Convergence Investment Partners LLC's holdings in AppLovin were worth $7,455,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of APP. Revolve Wealth Partners LLC acquired a new stake in shares of AppLovin during the fourth quarter valued at about $294,000. Bison Wealth LLC bought a new position in AppLovin in the 4th quarter valued at approximately $239,000. Integrated Wealth Concepts LLC boosted its position in AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock worth $448,000 after buying an additional 621 shares during the period. NewEdge Advisors LLC grew its holdings in AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock worth $5,084,000 after acquiring an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its position in AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock valued at $48,727,000 after acquiring an additional 9,380 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.
AppLovin Price Performance
Shares of NASDAQ:APP opened at $315.44 on Monday. AppLovin Corporation has a 1 year low of $303.17 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. The business's 50-day moving average is $447.84 and its 200-day moving average is $455.50. The company has a market capitalization of $105.56 billion, a price-to-earnings ratio of 24.25, a P/E/G ratio of 0.63 and a beta of 2.54.
AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts' consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the company posted $2.39 earnings per share. The firm's revenue for the quarter was up 52.8% on a year-over-year basis. Equities research analysts predict that AppLovin Corporation will post 15.57 earnings per share for the current year.
Insider Activity at AppLovin
In related news, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total transaction 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 $1,545,173,366.38. This represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director owned 6,785,087 shares of the company's stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 393,000 shares of company stock worth $197,297,363 over the last ninety days. 12.81% of the stock is owned by corporate insiders.
AppLovin News Roundup
Here are the key news stories impacting AppLovin this week:
- Positive Sentiment: Some analysts remain constructive on AppLovin’s valuation and financial profile. Phillip Securities upgraded the stock, while a recent analysis argued that the shares may be mispriced relative to the company’s fundamentals after reaching a 52-week low. AppLovin Upgraded at Phillip Securities AppLovin at 52-Week Low
- Neutral Sentiment: JPMorgan initiated coverage with a Neutral rating, recognizing AppLovin’s strong profitability and balance-sheet profile while questioning whether its rapid mobile-gaming advertising growth can continue. Bank of America also rates the shares Neutral. JPMorgan Initiates AppLovin Coverage Bank of America Neutral Rating
- Negative Sentiment: AppLovin’s latest quarterly results fell slightly short of revenue expectations, and adjusted EBITDA also missed estimates. Management attributed the weakness to slower-than-usual improvements in its core gaming advertising models, intensifying concerns about earnings-growth durability. AppLovin Q2 Earnings Call
- Negative Sentiment: Competitive risks from Unity and Meta, as well as questions about whether Google could challenge AppLovin’s advertising position, are weighing on the investment narrative. BTIG issued a pessimistic forecast, and another analyst downgrade previously contributed to selling pressure. BTIG Forecast for AppLovin AppLovin and Google Competition
- Negative Sentiment: Quant fund Renaissance Technologies exited its AppLovin position, a potential additional overhang for sentiment even though the move reflects portfolio management rather than a fundamental company announcement. Renaissance Changes Holdings
Wall Street Analysts Forecast Growth
APP has been the topic of a number of recent research reports. KeyCorp set a $775.00 price target on shares of AppLovin in a report on Wednesday, June 10th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $357.00 target price (down from $575.00) on shares of AppLovin in a report on Thursday, August 6th. Royal Bank Of Canada decreased their price target on AppLovin from $700.00 to $575.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. The Goldman Sachs Group cut their price objective on AppLovin from $585.00 to $465.00 and set a "neutral" rating on the stock in a research note on Thursday, August 6th. Finally, Needham & Company LLC decreased their target price on shares of AppLovin from $700.00 to $500.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $565.91.
Get Our Latest Research Report on APP
About AppLovin
(
Free Report)
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.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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