Wealthedge Investment Advisors LLC Takes Position in AppLovin Co. (NASDAQ:APP)

Wealthedge Investment Advisors LLC acquired a new stake in AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,746 shares of the company’s stock, valued at approximately $889,000.

Several other large investors also recently modified their holdings of the stock. FMR LLC grew its stake in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the period. SVB Wealth LLC bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $1,781,922,000. Geode Capital Management LLC boosted its holdings in shares of AppLovin by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock worth $1,462,144,000 after acquiring an additional 573,310 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in shares of AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of AppLovin by 68.0% in the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock worth $977,639,000 after acquiring an additional 1,222,074 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Performance

Shares of AppLovin stock opened at $380.91 on Wednesday. The firm has a fifty day moving average of $295.26 and a two-hundred day moving average of $326.61. The stock has a market capitalization of $128.89 billion, a price-to-earnings ratio of 83.90, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS. As a group, equities research analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This represents a 24.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,233,254 shares of company stock worth $446,927,149. Insiders own 14.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on APP shares. Citigroup boosted their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. boosted their target price on AppLovin from $270.00 to $355.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Morgan Stanley boosted their target price on AppLovin from $350.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Wells Fargo & Company boosted their target price on AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, Loop Capital reissued a “buy” rating and issued a $650.00 target price on shares of AppLovin in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $433.85.

About AppLovin

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.