Convergence Investment Partners LLC Has $2.79 Million Stake in AppLovin Co. (NASDAQ:APP)

Convergence Investment Partners LLC grew its holdings in shares of AppLovin Co. (NASDAQ:APP) by 46.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,516 shares of the company’s stock after acquiring an additional 10,667 shares during the period. AppLovin accounts for approximately 0.8% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 29th biggest holding. Convergence Investment Partners LLC’s holdings in AppLovin were worth $2,789,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FinTrust Capital Advisors LLC acquired a new position in AppLovin during the fourth quarter worth $32,000. Covestor Ltd lifted its holdings in shares of AppLovin by 85.8% in the first quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after purchasing an additional 236 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of AppLovin during the second quarter valued at approximately $37,000. Atlas Capital Advisors LLC bought a new stake in AppLovin during the first quarter worth $38,000. Finally, Summit Securities Group LLC purchased a new stake in AppLovin in the 2nd quarter valued at $42,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

APP has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Citigroup boosted their price target on shares of AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, May 10th. BTIG Research raised their price objective on shares of AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Benchmark raised their price target on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. Finally, Jefferies Financial Group upped their price target on AppLovin from $93.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.86.

Insider Activity

In other AppLovin news, insider Victoria Valenzuela sold 11,276 shares of AppLovin stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $75.71, for a total value of $853,705.96. Following the completion of the sale, the insider now owns 437,214 shares of the company’s stock, valued at approximately $33,101,471.94. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Victoria Valenzuela sold 11,276 shares of AppLovin stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $75.71, for a total value of $853,705.96. Following the completion of the sale, the insider now directly owns 437,214 shares in the company, valued at $33,101,471.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the transaction, the director now owns 7,412,475 shares in the company, valued at approximately $640,067,216.25. The disclosure for this sale can be found here. Insiders have sold a total of 637,071 shares of company stock worth $53,971,086 over the last 90 days. 14.69% of the stock is currently owned by insiders.

AppLovin Trading Up 1.4 %

APP stock traded up $1.26 during trading on Monday, reaching $92.87. The company had a trading volume of 4,581,500 shares, compared to its average volume of 4,073,939. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. AppLovin Co. has a 52 week low of $34.45 and a 52 week high of $93.70. The business has a 50 day moving average of $82.19 and a 200 day moving average of $75.94. The company has a market cap of $30.56 billion, a P/E ratio of 55.28, a PEG ratio of 1.33 and a beta of 1.86.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business’s revenue for the quarter was up 44.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 earnings per share. As a group, sell-side analysts forecast that AppLovin Co. will post 3.48 earnings per share for the current fiscal year.

AppLovin Company Profile

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.