AppLovin Co. (NASDAQ:APP) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its holdings in AppLovin Co. (NASDAQ:APP) by 42.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 367,300 shares of the company’s stock after selling 269,300 shares during the quarter. Renaissance Technologies LLC owned 0.11% of AppLovin worth $30,567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Quantbot Technologies LP grew its position in AppLovin by 211.3% during the second quarter. Quantbot Technologies LP now owns 36,526 shares of the company’s stock valued at $3,040,000 after buying an additional 24,791 shares during the period. Dimensional Fund Advisors LP grew its position in AppLovin by 27.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,494,516 shares of the company’s stock valued at $124,372,000 after buying an additional 322,563 shares during the period. Massachusetts Financial Services Co. MA grew its position in AppLovin by 3.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 186,395 shares of the company’s stock valued at $15,512,000 after buying an additional 5,483 shares during the period. Plato Investment Management Ltd grew its position in AppLovin by 9.4% during the second quarter. Plato Investment Management Ltd now owns 26,266 shares of the company’s stock valued at $2,186,000 after buying an additional 2,256 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in AppLovin by 695.0% during the second quarter. Envestnet Asset Management Inc. now owns 549,453 shares of the company’s stock valued at $45,725,000 after buying an additional 480,336 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on APP. Citigroup raised their price target on shares of AppLovin from $110.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday. Oppenheimer reiterated an “outperform” rating and issued a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their target price for the company from $100.00 to $145.00 in a research report on Tuesday. Jefferies Financial Group lifted their target price on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, BTIG Research lifted their target price on shares of AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average target price of $103.09.

Insiders Place Their Bets

In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the transaction, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the transaction, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eduardo Vivas sold 118,839 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the completion of the sale, the director now directly owns 7,641,531 shares in the company, valued at $693,468,938.25. The disclosure for this sale can be found here. Insiders have sold 775,934 shares of company stock valued at $65,805,022 over the last ninety days. Company insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $124.00 on Friday. The company’s 50-day moving average price is $86.26 and its 200-day moving average price is $79.52. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The company has a market cap of $40.80 billion, a P/E ratio of 73.81, a P/E/G ratio of 1.41 and a beta of 1.88. AppLovin Co. has a twelve month low of $34.45 and a twelve month high of $128.19.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm earned $0.22 earnings per share. AppLovin’s quarterly revenue was up 44.0% compared to the same quarter last year. On average, sell-side analysts forecast that AppLovin Co. will post 3.46 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.