Cloverfields Capital Group LP Sells 3,299 Shares of AppLovin Corporation $APP

Cloverfields Capital Group LP lowered its holdings in AppLovin Corporation (NASDAQ:APP) by 41.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,594 shares of the company’s stock after selling 3,299 shares during the quarter. Cloverfields Capital Group LP’s holdings in AppLovin were worth $1,828,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Cassaday & Co Wealth Management LLC acquired a new stake in shares of AppLovin in the first quarter worth $25,000. Washington Trust Advisors Inc. raised its stake in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new position in AppLovin during the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC bought a new stake in AppLovin in the 4th quarter valued at $32,000. Finally, First Pacific Financial bought a new stake in AppLovin in the 1st quarter valued at $33,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares of the company’s stock, valued at approximately $62,786,252.76. This represents a 2.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares of the company’s stock, valued at $138,055,090.29. This trade represents a 7.58% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 393,000 shares of company stock worth $197,297,363. Insiders own 12.81% of the company’s stock.

AppLovin Price Performance

Shares of AppLovin stock opened at $398.86 on Friday. The firm has a market cap of $133.99 billion, a P/E ratio of 34.27, a price-to-earnings-growth ratio of 0.67 and a beta of 2.49. The firm’s 50-day simple moving average is $501.15 and its 200-day simple moving average is $480.70. AppLovin Corporation has a twelve month low of $355.00 and a twelve month high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.67 earnings per share. As a group, research analysts expect that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Analysts Set New Price Targets

APP has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Raymond James Financial assumed coverage on AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 target price on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $660.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Finally, KeyCorp set a $775.00 price objective on AppLovin in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

About AppLovin

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.