Verdence Capital Advisors LLC Trims Stock Position in AppLovin Corporation (NASDAQ:APP)

Verdence Capital Advisors LLC reduced its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 56.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,777 shares of the company's stock after selling 6,197 shares during the quarter. Verdence Capital Advisors LLC's holdings in AppLovin were worth $1,266,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. FMR LLC increased its stake in AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after buying an additional 5,957,885 shares during the period. Norges Bank purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $828,138,000. Arrowstreet Capital Limited Partnership grew its holdings in AppLovin by 457.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the period. Alliancebernstein L.P. increased its position in AppLovin by 193.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock worth $882,469,000 after purchasing an additional 1,797,027 shares in the last quarter. Finally, Capital World Investors acquired a new stake in shares of AppLovin in the fourth quarter valued at about $421,470,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Trading Up 2.3%

Shares of APP stock opened at $363.78 on Friday. The company has a market capitalization of $123.10 billion, a price-to-earnings ratio of 65.66, a PEG ratio of 2.12 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The company has a 50-day simple moving average of $361.80 and a two-hundred day simple moving average of $334.81. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company's revenue was up 40.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 earnings per share. Research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. FBN Securities assumed coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price target on the stock. Wells Fargo & Company lifted their target price on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Morgan Stanley raised their price objective on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. UBS Group lifted their target price on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, Benchmark reissued a "buy" rating and set a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $438.43.

Insider Activity at AppLovin

In related news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the sale, the director owned 3,451 shares in the company, valued at $1,450,455.30. This represents a 12.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the completion of the sale, the director owned 9,510 shares in the company, valued at $3,637,194.60. This represents a 13.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 over the last three months. Corporate insiders own 13.66% of the company's stock.

AppLovin Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.

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