Proem Advisors LLC Sells 46,272 Shares of AppLovin Corporation $APP

Key Points

• Proem Advisors sharply reduced its AppLovin stake in the fourth quarter, selling 46,272 shares and cutting its holdings by 94.9% to just 2,500 shares worth about $1.69 million.
• AppLovin delivered stronger-than-expected earnings, reporting $3.56 EPS on $1.84 billion in revenue, topping analyst estimates and posting revenue growth of 58.9% year over year.
• Wall Street remains mostly bullish on APP, with an average “Moderate Buy” rating and a consensus price target of $664.35, even as the stock traded up 2.1% to $478.42.

Proem Advisors LLC trimmed its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 94.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,500 shares of the company's stock after selling 46,272 shares during the quarter. AppLovin accounts for about 0.2% of Proem Advisors LLC's holdings, making the stock its 26th biggest holding. Proem Advisors LLC's holdings in AppLovin were worth $1,685,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in APP. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 39.4% in the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company's stock worth $17,930,776,000 after acquiring an additional 7,051,663 shares during the last quarter. State Street Corp raised its holdings in AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in AppLovin during the 3rd quarter valued at $1,456,108,000. Jennison Associates LLC raised its holdings in AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company's stock valued at $2,792,355,000 after buying an additional 1,381,970 shares during the last quarter. Finally, Capital Research Global Investors bought a new stake in AppLovin during the 3rd quarter valued at $743,899,000. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

APP has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on shares of AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Citigroup lowered their price target on shares of AppLovin from $820.00 to $710.00 and set a "buy" rating for the company in a report on Thursday, February 12th. Piper Sandler upped their price target on shares of AppLovin from $650.00 to $665.00 and gave the company an "overweight" rating in a report on Thursday. Argus initiated coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a "buy" rating and a $520.00 price target for the company. Finally, Morgan Stanley set a $720.00 price target on shares of AppLovin in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $664.35.

AppLovin Trading Up 2.1%

NASDAQ:APP opened at $478.42 on Tuesday. The company has a 50-day moving average price of $444.44 and a 200-day moving average price of $531.76. AppLovin Corporation has a 12 month low of $320.00 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. The stock has a market cap of $161.36 billion, a price-to-earnings ratio of 41.10, a P/E/G ratio of 0.77 and a beta of 2.37.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.77 billion. During the same period last year, the company posted $1.67 EPS. The company's quarterly revenue was up 58.9% compared to the same quarter last year. Equities analysts predict that AppLovin Corporation will post 15.77 EPS for the current year.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the sale, the director directly owned 6,969,382 shares of the company's stock, valued at approximately $3,160,545,043.18. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 5,231 shares of the firm's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the completion of the sale, the chief technology officer directly owned 30,658 shares of the company's stock, valued at approximately $14,638,275.26. This represents a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 365,244 shares of company stock valued at $169,584,607. Company insiders own 13.66% of the company's stock.

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.

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.