SOA Wealth Advisors LLC. Buys New Shares in AppLovin Co. (NASDAQ:APP)

SOA Wealth Advisors LLC. purchased a new position in shares of AppLovin Co. (NASDAQ:APP) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 450 shares of the company’s stock, valued at approximately $59,000.

Several other large investors have also added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of AppLovin by 622.8% in the 3rd 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 last quarter. Fred Alger Management LLC acquired a new position in AppLovin during the second quarter valued at $290,655,000. 1832 Asset Management L.P. boosted its holdings in AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. WCM Investment Management LLC grew its position in AppLovin by 10.5% during the 3rd 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 period. Finally, Janus Henderson Group PLC raised its stake in shares of 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 buying an additional 560,560 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the sale, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This represents a 5.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the sale, the director now owns 2,987 shares of the company’s stock, valued at $952,673.78. This represents a 85.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 872,896 shares of company stock worth $279,773,021 in the last three months. 14.69% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on APP. Piper Sandler assumed 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. Loop Capital upped their price objective on AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their target price for the company from $100.00 to $145.00 in a report on Tuesday, September 17th. Macquarie increased their price target on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $292.79.

AppLovin Stock Performance

NASDAQ:APP opened at $326.21 on Friday. The company has a market cap of $109.47 billion, a P/E ratio of 98.85, a P/E/G ratio of 4.95 and a beta of 2.27. AppLovin Co. has a twelve month low of $36.33 and a twelve month high of $417.64. The company’s 50-day moving average price is $242.30 and its 200-day moving average price is $142.69. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

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

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.