Proem Advisors LLC Trims Holdings in AppLovin Corporation $APP

Proem Advisors LLC cut its holdings in AppLovin Corporation (NASDAQ:APP) by 94.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,500 shares of the company’s stock after selling 46,272 shares during the quarter. AppLovin makes up approximately 0.2% of Proem Advisors LLC’s investment portfolio, making the stock its 26th biggest position. Proem Advisors LLC’s holdings in AppLovin were worth $1,685,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Money Concepts Capital Corp purchased a new stake in shares of AppLovin in the 4th quarter worth about $443,000. Bailard Inc. grew its position in shares of AppLovin by 7.0% in the 4th quarter. Bailard Inc. now owns 13,276 shares of the company’s stock worth $8,946,000 after buying an additional 863 shares during the period. AG2R LA Mondiale Gestion D Actifs grew its position in shares of AppLovin by 5.5% in the 4th quarter. AG2R LA Mondiale Gestion D Actifs now owns 9,215 shares of the company’s stock worth $6,209,000 after buying an additional 484 shares during the period. Valeo Financial Advisors LLC grew its position in shares of AppLovin by 1,892.8% in the 4th quarter. Valeo Financial Advisors LLC now owns 1,375 shares of the company’s stock worth $927,000 after buying an additional 1,306 shares during the period. Finally, SVB Wealth LLC grew its position in shares of AppLovin by 53.8% in the 4th quarter. SVB Wealth LLC now owns 480 shares of the company’s stock worth $323,000 after buying an additional 168 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CTO Vasily Shikin sold 5,231 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $477.47, for a total value of $2,497,645.57. Following the transaction, the chief technology officer owned 30,658 shares in the company, valued at $14,638,275.26. This represents a 14.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 40,704 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $459.85, for a total transaction of $18,717,734.40. Following the completion of the transaction, the chief executive officer owned 2,430,414 shares in the company, valued at $1,117,625,877.90. This trade represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 365,244 shares of company stock valued at $169,584,607 in the last 90 days. 13.66% of the stock is currently owned by insiders.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $478.42 on Tuesday. The firm’s 50-day moving average price is $444.44 and its 200-day moving average price is $531.76. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $161.36 billion, a PE ratio of 41.10, a PEG ratio of 0.77 and a beta of 2.37. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.67 EPS. As a group, analysts anticipate that AppLovin Corporation will post 15.77 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on APP shares. Evercore reaffirmed a “buy” rating on shares of AppLovin in a research report on Friday, January 30th. Wells Fargo & Company increased their price objective on shares of AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Argus assumed coverage on shares of AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective on the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, February 12th. Finally, UBS Group cut their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $664.35.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.