Verde Servicos Internacionais S.A. Acquires Shares of 6,700 AppLovin Corporation $APP

Key Points

• Verde Servicos Internacionais S.A. opened a new position in AppLovin during the first quarter, buying 6,700 shares worth about $2.67 million. The stake makes AppLovin its 25th largest holding and about 0.8% of its portfolio.
• Insider selling continued at AppLovin, with CFO Matthew Stumpf and CEO Arash Adam Foroughi both selling shares in recent transactions. Over the last quarter, insiders sold 389,924 shares worth roughly $195.7 million.
• Wall Street remains broadly positive on the stock despite some trimmed targets, with a consensus rating of Moderate Buy and an average price target of $669.62. AppLovin also recently beat quarterly earnings and revenue estimates, reporting $3.56 EPS on $1.84 billion in revenue.

Verde Servicos Internacionais S.A. bought a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 6,700 shares of the company's stock, valued at approximately $2,667,000. AppLovin accounts for 0.8% of Verde Servicos Internacionais S.A.'s investment portfolio, making the stock its 25th biggest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Washington Trust Advisors Inc. grew its stake in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after buying an additional 24 shares in the last quarter. Board of the Pension Protection Fund purchased a new position in shares of AppLovin in the fourth quarter valued at $27,000. Mcguire Capital Advisors Inc. bought a new stake in shares of AppLovin during the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC purchased a new stake in AppLovin during the 4th quarter worth about $32,000. Finally, Graney & King LLC bought a new position in AppLovin in the 3rd quarter worth about $36,000. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In related news, CFO Matthew Stumpf sold 9,052 shares of the company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of 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 filing with the SEC, which is available through this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the sale, the chief executive officer directly owned 2,369,351 shares of the company's stock, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 389,924 shares of company stock worth $195,693,875 over the last quarter. Company insiders own 13.66% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Oppenheimer decreased their price target on AppLovin from $740.00 to $660.00 and set an "outperform" rating on the stock in a research report on Thursday, March 5th. Argus started coverage on shares of AppLovin in a report on Tuesday, April 14th. They set a "buy" rating and a $520.00 target price on the stock. BTIG Research reiterated a "buy" rating and issued a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $660.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. increased their price objective on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. One 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $669.62.

AppLovin Stock Performance

AppLovin stock opened at $467.02 on Wednesday. The firm has a fifty day simple moving average of $495.55 and a two-hundred day simple moving average of $514.39. 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 Corporation has a twelve month low of $325.58 and a twelve month high of $745.61. The company has a market capitalization of $156.89 billion, a PE ratio of 40.12, a P/E/G ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period last year, the firm earned $1.67 earnings per share. The company's revenue for the quarter was up 58.9% compared to the same quarter last year. Research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

About AppLovin

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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