IHT Wealth Management LLC Buys New Holdings in AppLovin Co. (NASDAQ:APP)

IHT Wealth Management LLC bought a new stake in AppLovin Co. (NASDAQ:APP) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,417 shares of the company’s stock, valued at approximately $316,000.

Other large investors have also modified their holdings of the company. FMR LLC grew its position in AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. Fred Alger Management LLC bought a new stake in shares of AppLovin during the second quarter worth $290,655,000. 1832 Asset Management L.P. grew its holdings in shares of AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. WCM Investment Management LLC grew its holdings in shares of AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of AppLovin by 31.3% during the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after purchasing an additional 560,560 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Down 14.7 %

NASDAQ APP opened at $342.54 on Tuesday. The firm has a market cap of $114.95 billion, a P/E ratio of 103.80, a P/E/G ratio of 4.95 and a beta of 2.27. 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 stock’s 50-day moving average is $230.54 and its 200-day moving average is $138.34. AppLovin Co. has a one year low of $35.79 and a one year high of $417.64.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Citigroup increased their target price on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Bank of America increased their target price on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and raised their price target for the company from $80.00 to $280.00 in a report on Friday, November 8th. Jefferies Financial Group raised their price target on AppLovin from $270.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. raised their price target on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Margaret Hasti Georgiadis sold 30,500 shares of AppLovin stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $339.69, for a total value of $10,360,545.00. Following the completion of the sale, the director now directly owns 154,500 shares in the company, valued at approximately $52,482,105. This represents a 16.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 771,320 shares of company stock valued at $246,205,613 over the last 90 days. 14.69% of the stock is owned by company insiders.

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.