Zweig DiMenna Associates LLC Lowers Holdings in AppLovin Corporation $APP

Zweig DiMenna Associates LLC trimmed its holdings in AppLovin Corporation (NASDAQ:APP) by 9.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,625 shares of the company’s stock after selling 13,010 shares during the period. AppLovin makes up 4.0% of Zweig DiMenna Associates LLC’s investment portfolio, making the stock its 7th biggest holding. Zweig DiMenna Associates LLC’s holdings in AppLovin were worth $41,878,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vestcor Inc boosted its holdings in shares of AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock worth $1,088,000 after acquiring an additional 33 shares during the period. Fortitude Family Office LLC lifted its holdings in AppLovin by 32.7% during the 2nd quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock worth $48,000 after purchasing an additional 34 shares in the last quarter. GSG Advisors LLC lifted its holdings in AppLovin by 0.3% during the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock worth $2,820,000 after purchasing an additional 35 shares in the last quarter. LMG Wealth Partners LLC lifted its holdings in AppLovin by 0.5% during the 2nd quarter. LMG Wealth Partners LLC now owns 7,941 shares of the company’s stock worth $2,780,000 after purchasing an additional 39 shares in the last quarter. Finally, Argentarii LLC lifted its holdings in AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company’s stock worth $699,000 after purchasing an additional 40 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

APP has been the topic of several analyst reports. Morgan Stanley upped their price target on AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Wells Fargo & Company increased their price objective on AppLovin from $491.00 to $633.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Finally, Wall Street Zen downgraded AppLovin from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.39.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 90,000 shares of the business’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total value of $37,893,600.00. Following the completion of the sale, the chief executive officer owned 2,620,054 shares in the company, valued at $1,103,147,536.16. The trade was a 3.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares of the company’s stock, valued at $135,579,499.65. The trade was a 11.48% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $637.33 on Friday. The firm’s fifty day moving average price is $589.79 and its 200-day moving average price is $438.41. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a market cap of $215.58 billion, a P/E ratio of 90.53, a price-to-earnings-growth ratio of 3.46 and a beta of 2.53. AppLovin Corporation has a fifty-two week low of $158.33 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business’s quarterly revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the company posted $0.89 EPS. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.