Meridian Wealth Management LLC Has $426,000 Stock Holdings in AppLovin Co. (NASDAQ:APP)

Meridian Wealth Management LLC lessened its holdings in AppLovin Co. (NASDAQ:APP) by 51.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,316 shares of the company’s stock after selling 1,374 shares during the period. Meridian Wealth Management LLC’s holdings in AppLovin were worth $426,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in AppLovin during the third quarter worth about $25,000. GHP Investment Advisors Inc. bought a new stake in AppLovin during the fourth quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in AppLovin during the third quarter worth about $27,000. Riverview Trust Co grew its stake in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after buying an additional 82 shares during the last quarter. Finally, Hemington Wealth Management grew its stake in AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insiders Place Their Bets

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the sale, the chief executive officer now owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 406,947 shares of company stock worth $140,740,416. Company insiders own 14.69% of the company’s stock.

AppLovin Price Performance

Shares of APP stock opened at $318.00 on Thursday. AppLovin Co. has a 52-week low of $59.30 and a 52-week high of $525.15. The stock has a market cap of $106.72 billion, a PE ratio of 70.04, a PEG ratio of 3.02 and a beta of 2.30. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm’s 50 day moving average price is $366.88 and its two-hundred day moving average price is $259.26.

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Citigroup upped their price objective on shares of AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Stifel Nicolaus increased their price target on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and increased their price target for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Benchmark increased their price target on shares of AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Piper Sandler increased their price target on shares of AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $452.29.

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.