Verdence Capital Advisors LLC Sells 3,921 Shares of AppLovin Corporation $APP

by · The Cerbat Gem

Verdence Capital Advisors LLC lessened its holdings in shares of AppLovin Corporation (NASDAQ:APP – Free Report) by 82.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 856 shares of the company’s stock after selling 3,921 shares during the quarter. Verdence Capital Advisors LLC’s holdings in AppLovin were worth $300,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares in the last quarter. Invesco Ltd. grew its stake in shares of AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after acquiring an additional 992,316 shares in the last quarter. Finally, Kensico Capital Management Corp grew its position in AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock worth $762,849,000 after purchasing an additional 328,000 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of AppLovin in a research report on Wednesday, October 8th. Scotiabank reaffirmed an “outperform” rating on shares of AppLovin in a report on Thursday, August 28th. BTIG Research upped their price objective on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Bank of America upped their price objective on AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Wedbush increased their price target on shares of AppLovin from $725.00 to $745.00 and gave the company an “outperform” rating in a research report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $600.59.

Get Our Latest Stock Analysis on AppLovin

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the transaction, the chief technology officer owned 3,360,104 shares of the company’s stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares of the company’s stock, valued at $78,682,473.21. This trade represents a 52.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 in the last ninety days. Insiders own 13.66% of the company’s stock.

AppLovin Stock Up 0.6%

APP stock opened at $605.68 on Friday. The stock has a 50-day simple moving average of $553.38 and a two-hundred day simple moving average of $409.27. The firm has a market capitalization of $204.87 billion, a PE ratio of 86.03, a PEG ratio of 3.27 and a beta of 2.53. AppLovin Corporation has a twelve month low of $141.35 and a twelve month high of $745.61. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP – Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. AppLovin’s revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.89 earnings per share. On average, equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

AppLovin Company Profile

(Free Report)

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.

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