Convergence Investment Partners LLC trimmed its holdings in AppLovin Corporation (NASDAQ:APP – Free Report) by 26.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,216 shares of the company’s stock after selling 1,908 shares during the period. Convergence Investment Partners LLC’s holdings in AppLovin were worth $3,515,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its holdings in AppLovin by 1,079.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 142,235 shares of the company’s stock worth $95,841,000 after buying an additional 130,179 shares in the last quarter. Phoenix Financial Ltd. boosted its position in AppLovin by 15.2% in the fourth quarter. Phoenix Financial Ltd. now owns 6,000 shares of the company’s stock worth $4,041,000 after purchasing an additional 791 shares during the last quarter. Donoghue Forlines LLC bought a new stake in shares of AppLovin during the 4th quarter valued at about $276,000. Bessemer Group Inc. grew its stake in shares of AppLovin by 1,234.9% during the 4th quarter. Bessemer Group Inc. now owns 119,940 shares of the company’s stock valued at $80,819,000 after purchasing an additional 110,955 shares during the period. Finally, SkyOak Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter valued at about $337,000. 41.85% of the stock is currently owned by institutional investors.
Insider Activity
In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the transaction, the chief technology officer directly owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin 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 transaction, the director directly owned 6,969,382 shares in the company, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 365,244 shares of company stock valued at $169,584,607 in the last ninety days. Corporate insiders own 13.66% of the company’s stock.
AppLovin Stock Up 3.3%
AppLovin (NASDAQ:APP – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share 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 in the previous year, the firm earned $1.67 EPS. The business’s quarterly revenue was up 58.9% on a year-over-year basis. On average, equities research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on APP shares. BTIG Research restated a “buy” rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Zacks Research downgraded AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 12th. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 7th. Citigroup cut their price target on AppLovin from $820.00 to $710.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Finally, Jefferies Financial Group cut their price target on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $664.35.
Get Our Latest Analysis on APP
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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