NewEdge Wealth LLC Acquires 1,442 Shares of AppLovin Co. (NASDAQ:APP)

NewEdge Wealth LLC boosted its holdings in AppLovin Co. (NASDAQ:APP) by 8.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,528 shares of the company’s stock after acquiring an additional 1,442 shares during the quarter. NewEdge Wealth LLC’s holdings in AppLovin were worth $6,000,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in shares of AppLovin in the 3rd quarter worth about $25,000. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin in the 4th quarter worth about $25,000. Meeder Asset Management Inc. purchased a new position in shares of AppLovin in the 3rd quarter worth about $27,000. Hemington Wealth Management boosted its holdings 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 acquiring an additional 40 shares during the period. Finally, Fifth Third Bancorp boosted its holdings in AppLovin by 172.2% during the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after acquiring an additional 62 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other AppLovin news, insider Victoria Valenzuela sold 17,925 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $143,670,155.40. The trade was a 4.23 % 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, CFO Herald Y. Chen sold 400 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the completion of the transaction, the chief financial officer now owns 207,649 shares in the company, valued at $76,032,757.84. The trade was a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 224,872 shares of company stock valued at $82,158,554 over the last 90 days. Company insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

APP has been the subject of several analyst reports. Loop Capital increased their target price on AppLovin from $450.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, February 20th. UBS Group increased their target price on AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Piper Sandler upped their price target on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Wells Fargo & Company set a $538.00 price target on AppLovin and gave the company an “overweight” rating in a research report on Thursday. Finally, Macquarie upped their price target on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Four equities research 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. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $452.29.

AppLovin Stock Performance

APP stock opened at $320.49 on Friday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 1 year low of $57.40 and a 1 year high of $525.15. The company has a market cap of $107.55 billion, a P/E ratio of 70.59, a price-to-earnings-growth ratio of 3.02 and a beta of 2.30. The stock’s fifty day moving average price is $368.10 and its 200-day moving average price is $251.23.

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

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.