Summit Investment Advisors Inc. Makes New $3.08 Million Investment in AppLovin Co. (NASDAQ:APP)

Summit Investment Advisors Inc. bought a new stake in shares of AppLovin Co. (NASDAQ:APP) during the fourth quarter, HoldingsChannel reports. The firm bought 9,502 shares of the company’s stock, valued at approximately $3,077,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of APP. GHP Investment Advisors Inc. purchased a new stake in AppLovin in the fourth quarter worth about $25,000. Riverview Trust Co boosted its position in shares of AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. Tucker Asset Management LLC purchased a new stake in shares of AppLovin in the 4th quarter worth approximately $28,000. Hemington Wealth Management increased its position in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after buying an additional 62 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 44,400 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the firm’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 sale, the director now owns 621,209 shares in the company, valued at $201,675,501.85. The trade was a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 306,900 shares of company stock worth $106,401,841 in the last three months. Corporate insiders own 14.69% of the company’s stock.

AppLovin Price Performance

NASDAQ APP opened at $249.95 on Monday. The company has a 50-day moving average price of $327.20 and a 200-day moving average price of $294.56. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $84.97 billion, a P/E ratio of 55.06, a PEG ratio of 3.02 and a beta of 2.39.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on APP. Jefferies Financial Group increased their target price on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Benchmark increased their price objective on shares of AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Bank of America lifted their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. increased their price target on shares of AppLovin from $325.00 to $475.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, Piper Sandler reduced their price target on shares of AppLovin from $575.00 to $425.00 and set an “overweight” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $424.84.

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.