Renaissance Technologies LLC boosted its holdings in AppLovin Corporation (NASDAQ:APP – Free Report) by 36.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 436,540 shares of the company’s stock after buying an additional 117,719 shares during the quarter. Renaissance Technologies LLC’s holdings in AppLovin were worth $173,743,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Washington Trust Advisors Inc. raised its holdings in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new position in AppLovin during the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC purchased a new stake in AppLovin in the fourth quarter worth approximately $32,000. Osbon Capital Management LLC bought a new stake in AppLovin in the 4th quarter worth approximately $36,000. Finally, Dogwood Wealth Management LLC grew its position in AppLovin by 84.4% in the 4th quarter. Dogwood Wealth Management LLC now owns 59 shares of the company’s stock worth $40,000 after purchasing an additional 27 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.
Insider Activity at AppLovin
In other AppLovin news, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the sale, the director directly owned 120,444 shares of the company’s stock, valued at approximately $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 393,000 shares of company stock worth $197,297,363 in the last 90 days. Insiders own 12.81% of the company’s stock.
AppLovin Stock Performance
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. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.67 EPS. Analysts forecast that AppLovin Corporation will post 15.93 EPS for the current year.
Analysts Set New Price Targets
APP has been the topic of several research analyst reports. Citigroup reissued a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Argus initiated coverage on AppLovin in a report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Two equities research 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $668.45.
Read Our Latest Stock Analysis on AppLovin
AppLovin Company 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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