AppLovin Corporation $APP Shares Sold by Renaissance Group LLC

Renaissance Group LLC decreased its stake in AppLovin Corporation (NASDAQ:APP) by 18.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,566 shares of the company’s stock after selling 12,972 shares during the period. AppLovin accounts for 1.6% of Renaissance Group LLC’s portfolio, making the stock its 11th largest position. Renaissance Group LLC’s holdings in AppLovin were worth $39,463,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after buying an additional 166,117 shares during the period. State Street Corp boosted its holdings in shares of AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Geode Capital Management LLC grew its position in shares of AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after acquiring an additional 448,005 shares during the last quarter. Invesco Ltd. grew its position in shares of AppLovin by 9.4% during the third quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock worth $3,084,514,000 after acquiring an additional 367,083 shares during the last quarter. Finally, Kensico Capital Management Corp increased its holdings in shares of AppLovin by 3.1% in the 3rd quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock worth $2,240,767,000 after acquiring an additional 95,000 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 62,804 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the completion of the sale, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction 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 sale, the insider owned 243,961 shares of the company’s stock, valued at $138,055,090.29. This trade represents a 7.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 306,668 shares of company stock worth $145,923,868. 13.66% of the stock is owned by insiders.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. Citigroup reiterated a “buy” rating and issued a $710.00 price objective on shares of AppLovin in a research report on Monday, June 1st. Argus started coverage on shares of AppLovin in a research report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price for the company. Arete Research set a $340.00 price target on shares of AppLovin and gave the company a “neutral” rating in a research note on Monday, March 2nd. BTIG Research reaffirmed a “buy” rating and set a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $669.62.

AppLovin Trading Down 5.3%

Shares of AppLovin stock opened at $492.98 on Thursday. The business has a fifty day simple moving average of $479.09 and a 200-day simple moving average of $521.31. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61. The firm has a market cap of $165.61 billion, a price-to-earnings ratio of 42.35, a price-to-earnings-growth ratio of 0.85 and a beta of 2.45. 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 (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. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. 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 business earned $1.67 earnings per share. AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. On average, equities analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Citi added AppLovin to its “Upside 90-Day Catalyst Watch,” suggesting a near-term catalyst could help support the stock. Citi Adds “Upside 90-Day Catalyst Watch” on AppLovin Corporation (APP)
• Positive Sentiment: Analyst commentary remains constructive, with recent notes reaffirming bullish ratings and one article highlighting AppLovin’s recent gains and expected EPS growth of more than 40% annually over the next five years. AppLovin Corporation (APP) Up More Than 12% Over the Past Month, Here’s Why it is an Unstoppable Growth Stock

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.