Renaissance Group LLC Lowers Position in AppLovin Corporation $APP

Renaissance Group LLC decreased its stake in shares of AppLovin Corporation (NASDAQ:APP) by 18.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 SEC.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of AppLovin by 39.4% during the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock valued at $17,930,776,000 after buying an additional 7,051,663 shares during the period. State Street Corp raised its position in shares of AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the period. Norges Bank purchased a new position in shares of AppLovin in the 4th quarter worth $2,040,321,000. Capital Research Global Investors acquired a new position in AppLovin in the third quarter valued at $743,899,000. Finally, Northern Trust Corp boosted its holdings in AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after acquiring an additional 756,660 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

APP has been the subject of several research analyst reports. Scotiabank upped their price target on AppLovin from $750.00 to $775.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Wednesday. Jefferies Financial Group decreased their target price on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Royal Bank Of Canada reissued an “outperform” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, February 12th. Finally, KeyCorp set a $775.00 price target on shares of AppLovin in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $669.62.

Insider Activity

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the transaction, the director directly owned 123,520 shares in the company, valued at $71,893,580.80. This trade represents a 2.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the sale, the insider owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 306,668 shares of company stock valued at $145,923,868 over the last three months. 13.66% of the stock is currently owned by company insiders.

Key Headlines 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 Trading Down 5.3%

NASDAQ:APP opened at $492.98 on Thursday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a one year low of $320.00 and a one year high of $745.61. The business’s 50-day simple moving average is $479.09 and its 200 day simple moving average is $521.31. The stock 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.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping 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 company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the business posted $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% compared to the same quarter last year. As a group, sell-side analysts predict that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

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.