Convergence Investment Partners LLC Grows Holdings in AppLovin Co. (NASDAQ:APP)

Convergence Investment Partners LLC raised its position in AppLovin Co. (NASDAQ:APP) by 55.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,589 shares of the company’s stock after buying an additional 4,127 shares during the period. Convergence Investment Partners LLC’s holdings in AppLovin were worth $462,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Precision Wealth Strategies LLC purchased a new stake in shares of AppLovin during the 4th quarter valued at $324,000. Russell Investments Group Ltd. increased its holdings in AppLovin by 1.7% during the fourth quarter. Russell Investments Group Ltd. now owns 651,088 shares of the company’s stock worth $25,946,000 after buying an additional 10,594 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in AppLovin by 7.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 87,903 shares of the company’s stock worth $3,503,000 after acquiring an additional 5,815 shares during the period. GAMMA Investing LLC purchased a new position in AppLovin in the fourth quarter valued at about $47,000. Finally, California Public Employees Retirement System boosted its stake in AppLovin by 4.5% in the fourth quarter. California Public Employees Retirement System now owns 406,300 shares of the company’s stock valued at $16,191,000 after acquiring an additional 17,604 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Daiwa Capital Markets began coverage on AppLovin in a research note on Monday, April 15th. They set a “neutral” rating and a $80.00 price target for the company. TheStreet upgraded shares of AppLovin from a “d+” rating to a “c-” rating in a research note on Friday, March 8th. Wedbush raised their target price on AppLovin from $67.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Morgan Stanley raised their price target on shares of AppLovin from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. Finally, The Goldman Sachs Group raised their target price on shares of AppLovin from $59.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.31.

AppLovin Trading Up 6.7 %

NASDAQ:APP opened at $73.82 on Monday. AppLovin Co. has a 12 month low of $15.70 and a 12 month high of $79.55. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 2.31. The company has a 50-day moving average price of $67.13 and a 200-day moving average price of $50.10. The stock has a market cap of $25.25 billion, a price-to-earnings ratio of 73.82, a P/E/G ratio of 1.48 and a beta of 1.90.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. The business had revenue of $953.26 million during the quarter, compared to the consensus estimate of $928.66 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The firm’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.21) earnings per share. Equities analysts predict that AppLovin Co. will post 2.49 EPS for the current year.

Insiders Place Their Bets

In related news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $75.01, for a total value of $3,750,500.00. Following the completion of the sale, the insider now owns 471,560 shares of the company’s stock, valued at $35,371,715.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Matthew Stumpf sold 2,775 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of the transaction, the chief financial officer now directly owns 362,264 shares in the company, valued at approximately $22,931,311.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 50,000 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the completion of the sale, the insider now directly owns 471,560 shares of the company’s stock, valued at $35,371,715.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,215 shares of company stock valued at $4,416,815. Corporate insiders own 12.43% of the company’s stock.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.