NewEdge Wealth LLC Boosts Stake in AppLovin Co. (NASDAQ:APP)

NewEdge Wealth LLC raised its stake in shares of AppLovin Co. (NASDAQ:APP) by 8.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,528 shares of the company’s stock after purchasing an additional 1,442 shares during the period. NewEdge Wealth LLC’s holdings in AppLovin were worth $6,000,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in APP. Capital Performance Advisors LLP purchased a new stake in AppLovin during the third quarter valued at approximately $25,000. GHP Investment Advisors Inc. purchased a new stake in AppLovin during the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new stake in AppLovin during the third quarter valued at approximately $27,000. Hemington Wealth Management raised 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 purchasing an additional 40 shares during the period. Finally, Fifth Third Bancorp raised its position 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 purchasing an additional 62 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares in the company, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Herald Y. Chen sold 400 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the sale, the chief financial officer now owns 207,649 shares of the company’s stock, valued at approximately $76,032,757.84. This represents a 0.19 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 224,872 shares of company stock worth $82,158,554. Insiders own 14.69% of the company’s stock.

AppLovin Stock Down 3.2 %

AppLovin stock opened at $320.49 on Friday. The business has a fifty day moving average of $368.10 and a two-hundred day moving average of $251.23. 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 cap of $107.55 billion, a P/E ratio of 70.59, a P/E/G ratio of 3.02 and a beta of 2.30. AppLovin Co. has a twelve month low of $57.40 and a twelve month high of $525.15.

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

Wall Street Analyst Weigh In

APP has been the topic of a number of analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $560.00 target price (up previously from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Macquarie upped their target price on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Jefferies Financial Group upped their target price on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, 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 note on Monday, January 27th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $452.29.

AppLovin Company 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.