Prestige Wealth Management Group LLC Has $28,000 Position in AppLovin Co. (NASDAQ:APP)

Prestige Wealth Management Group LLC cut its holdings in AppLovin Co. (NASDAQ:APP) by 41.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 87 shares of the company’s stock after selling 62 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in AppLovin were worth $28,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. acquired a new stake in shares of AppLovin in the 4th quarter valued at $25,000. Riverview Trust Co raised its holdings in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after buying an additional 82 shares in the last quarter. Hemington Wealth Management lifted its position in shares of AppLovin by 78.4% in 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. Fifth Third Bancorp boosted its stake in shares of AppLovin by 172.2% during the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after acquiring an additional 62 shares in the last quarter. Finally, Smithfield Trust Co acquired a new position in shares of AppLovin during the 4th quarter valued at about $32,000. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

APP has been the subject of several analyst reports. The Goldman Sachs Group boosted their target price on AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Arete Research set a $200.00 price objective on shares of AppLovin in a report on Wednesday, March 5th. UBS Group lifted their target price on shares of AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Oppenheimer restated an “outperform” rating and set a $560.00 price target (up from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Finally, Macquarie lifted their price objective on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $438.28.

AppLovin Stock Up 1.9 %

APP opened at $346.29 on Wednesday. The company has a market capitalization of $117.72 billion, a P/E ratio of 76.28, a P/E/G ratio of 3.02 and a beta of 2.33. 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’s fifty day moving average price is $354.81 and its two-hundred day moving average price is $280.21. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating 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%. On average, analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity

In related news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. 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 company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 306,900 shares of company stock worth $106,401,841. Company insiders own 14.69% of the company’s stock.

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.