Ibex Wealth Advisors Has $13.69 Million Stock Position in AppLovin Co. (NASDAQ:APP)

Ibex Wealth Advisors reduced its holdings in AppLovin Co. (NASDAQ:APP) by 67.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,263 shares of the company’s stock after selling 86,686 shares during the quarter. AppLovin accounts for about 1.6% of Ibex Wealth Advisors’ investment portfolio, making the stock its 10th largest position. Ibex Wealth Advisors’ holdings in AppLovin were worth $13,686,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of APP. FMR LLC raised its holdings in AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after purchasing an additional 6,801,138 shares in the last quarter. WCM Investment Management LLC grew its position in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after buying an additional 1,029,009 shares during the period. Janus Henderson Group PLC lifted its position in AppLovin by 31.3% during the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock valued at $306,897,000 after acquiring an additional 560,560 shares during the period. Eagle Asset Management Inc. boosted its stake in AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock worth $514,418,000 after purchasing an additional 449,241 shares during the period. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of NASDAQ:APP traded down $1.44 during trading on Wednesday, hitting $359.31. The company’s stock had a trading volume of 409,417 shares, compared to its average volume of 3,974,574. The company has a 50-day moving average of $339.10 and a 200-day moving average of $203.00. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market cap of $120.58 billion, a price-to-earnings ratio of 108.61, a P/E/G ratio of 2.96 and a beta of 2.29. AppLovin Co. has a 12 month low of $40.71 and a 12 month high of $417.64.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company’s revenue was up 38.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.30 EPS. On average, sell-side analysts expect that AppLovin Co. will post 4.06 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 15,971 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the sale, the insider now owns 372,205 shares in the company, valued at approximately $116,526,219.35. This represents a 4.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 500 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $406.27, for a total value of $203,135.00. Following the completion of the transaction, the director now owns 6,684 shares in the company, valued at $2,715,508.68. The trade was a 6.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 888,867 shares of company stock worth $284,773,062. Company insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on APP. Oppenheimer reissued an “outperform” rating and issued a $480.00 price target on shares of AppLovin in a research report on Tuesday, December 10th. Piper Sandler initiated coverage on AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and issued a $270.00 price target (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Wells Fargo & Company increased their price objective on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $80.00 to $280.00 in a report on Friday, November 8th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $366.29.

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.