Kovitz Investment Group Partners LLC Has $5.18 Million Stock Position in AppLovin Corporation $APP

Kovitz Investment Group Partners LLC trimmed its position in shares of AppLovin Corporation (NASDAQ:APP) by 77.0% in the fourth quarter, Holdings Channel reports. The fund owned 7,683 shares of the company’s stock after selling 25,743 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in AppLovin were worth $5,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Washington Trust Advisors Inc. boosted its stake in AppLovin by 160.0% during the 4th 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 period. Board of the Pension Protection Fund bought a new position in AppLovin in the 4th quarter worth approximately $27,000. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin during the fourth quarter worth approximately $27,000. Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin in the fourth quarter valued at approximately $32,000. Finally, Graney & King LLC bought a new stake in shares of AppLovin in the third quarter valued at approximately $36,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares of the company’s stock, valued at $138,055,090.29. This represents a 7.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 389,924 shares of company stock valued at $195,693,875. Corporate insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

APP stock opened at $469.71 on Friday. 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 $320.00 and a twelve month high of $745.61. The company has a market cap of $157.79 billion, a P/E ratio of 40.35, a PEG ratio of 0.76 and a beta of 2.45. The business has a fifty day moving average of $492.23 and a 200-day moving average of $517.80.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue was up 58.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.67 EPS. As a group, equities research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup reaffirmed a “buy” rating and set a $710.00 price objective on shares of AppLovin in a research report on Monday, June 1st. 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. Oppenheimer cut their price target on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 28th. Finally, UBS Group decreased their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $669.62.

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.