Renaissance Technologies LLC Buys 117,719 Shares of AppLovin Corporation $APP

Key Points

• Renaissance Technologies boosted its AppLovin stake by 36.9% in the first quarter, buying 117,719 additional shares and bringing its total holding to 436,540 shares worth about $173.7 million.
• Insider selling has been significant, with director Eduardo Vivas and CEO Arash Adam Foroughi both selling shares in June; insiders sold 393,000 shares worth about $197.3 million in the last quarter.
• AppLovin’s recent performance and outlook remain strong: it beat Q1 earnings and revenue estimates, while analysts maintain a consensus rating of “Moderate Buy” with an average price target of $668.45.

Renaissance Technologies LLC lifted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 36.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 436,540 shares of the company's stock after purchasing an additional 117,719 shares during the period. Renaissance Technologies LLC owned about 0.13% of AppLovin worth $173,743,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Generate Investment Management Ltd purchased a new stake in AppLovin in the fourth quarter worth $2,347,000. Calamos Advisors LLC increased its position in AppLovin by 73.3% during the 4th quarter. Calamos Advisors LLC now owns 48,737 shares of the company's stock valued at $32,840,000 after purchasing an additional 20,609 shares during the period. Capricorn Fund Managers Ltd bought a new position in AppLovin in the 4th quarter worth $4,043,000. Dara Capital US Inc. bought a new position in AppLovin in the 4th quarter worth $1,747,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of AppLovin by 97.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 43,988 shares of the company's stock worth $29,640,000 after purchasing an additional 21,694 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Insider Transactions at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were 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. This trade represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer owned 2,369,351 shares of the company's stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by insiders.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $391.98 on Friday. AppLovin Corporation has a 1-year low of $357.03 and a 1-year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The business has a fifty day moving average price of $498.97 and a 200-day moving average price of $480.08. The company has a market capitalization of $131.68 billion, a PE ratio of 33.68, a PEG ratio of 0.65 and a beta of 2.49.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin's quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.67 EPS. As a group, equities analysts expect that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on APP shares. Needham & Company LLC reaffirmed a "buy" rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. Wedbush reissued an "outperform" rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and an average price target of $668.45.

AppLovin 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.

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