Renaissance Group LLC Sells 198,065 Shares of AppLovin Co. (NASDAQ:APP)

Renaissance Group LLC reduced its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 64.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,020 shares of the company's stock after selling 198,065 shares during the period. AppLovin accounts for about 1.5% of Renaissance Group LLC's holdings, making the stock its 23rd biggest position. Renaissance Group LLC's holdings in AppLovin were worth $35,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GHP Investment Advisors Inc. purchased a new stake in shares of AppLovin in the fourth quarter valued at $25,000. Riverview Trust Co increased its position in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC purchased a new position in AppLovin during the fourth quarter worth approximately $28,000. Hemington Wealth Management grew its position in AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after acquiring an additional 40 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of AppLovin by 172.2% in the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company's stock valued at $32,000 after acquiring an additional 62 shares during the period. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

Shares of NASDAQ APP traded down $13.88 during trading on Friday, hitting $249.95. The company had a trading volume of 8,949,643 shares, compared to its average volume of 5,751,052. The company has a market cap of $84.97 billion, a P/E ratio of 55.06, a PEG ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The business's 50-day moving average is $327.20 and its 200 day moving average is $293.41. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15.

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AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Equities research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on APP shares. Wells Fargo & Company lowered their price objective on shares of AppLovin from $538.00 to $386.00 and set an "overweight" rating for the company in a research report on Tuesday. Morgan Stanley upgraded AppLovin from an "equal weight" rating to an "overweight" rating and cut their price target for the stock from $470.00 to $350.00 in a research note on Thursday. The Goldman Sachs Group upped their target price on AppLovin from $220.00 to $335.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. Piper Sandler cut their price target on shares of AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, FBN Securities began coverage on shares of AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $424.84.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 44,400 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $410.89, for a total value of $18,243,516.00. Following the transaction, the chief executive officer now owns 2,869,492 shares in the company, valued at approximately $1,179,045,567.88. This represents a 1.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now directly owns 88,389 shares of the company's stock, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 over the last ninety days. 14.69% of the stock is currently owned by company insiders.

AppLovin 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.