Alta Wealth Advisors LLC Takes Position in AppLovin Co. (NASDAQ:APP)

Alta Wealth Advisors LLC bought a new stake in shares of AppLovin Co. (NASDAQ:APP) during the 3rd quarter, according to its most recent filing with the SEC. The firm bought 1,547 shares of the company’s stock, valued at approximately $202,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in shares of AppLovin by 8.2% during the third quarter. GAMMA Investing LLC now owns 1,665 shares of the company’s stock valued at $217,000 after purchasing an additional 126 shares during the period. American Trust increased its stake in AppLovin by 2.8% during the 1st quarter. American Trust now owns 5,550 shares of the company’s stock worth $384,000 after buying an additional 150 shares during the period. Highland Capital Management LLC lifted its holdings in AppLovin by 0.5% in the 1st quarter. Highland Capital Management LLC now owns 28,120 shares of the company’s stock worth $1,946,000 after buying an additional 153 shares in the last quarter. Cullen Frost Bankers Inc. lifted its holdings in AppLovin by 10.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 2,205 shares of the company’s stock worth $184,000 after buying an additional 205 shares in the last quarter. Finally, Signaturefd LLC boosted its position in AppLovin by 9.5% in the 2nd quarter. Signaturefd LLC now owns 2,489 shares of the company’s stock valued at $207,000 after buying an additional 215 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on APP. Oppenheimer reiterated an “outperform” rating and issued a $105.00 price target (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and upped their target price for the company from $103.00 to $150.00 in a research report on Monday, October 14th. Wedbush decreased their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Macquarie restated an “outperform” rating and issued a $150.00 price target (up previously from $115.00) on shares of AppLovin in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group increased their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $110.01.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $145.22 on Friday. The stock has a market capitalization of $47.78 billion, a P/E ratio of 86.44, a P/E/G ratio of 2.07 and a beta of 1.92. The firm’s 50-day moving average price is $111.99 and its two-hundred day moving average price is $90.27. AppLovin Co. has a 52-week low of $34.45 and a 52-week high of $148.48. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business’s revenue was up 44.0% on a year-over-year basis. During the same quarter last year, the business posted $0.22 EPS. As a group, sell-side analysts forecast that AppLovin Co. will post 3.46 earnings per share for the current year.

Insider Activity

In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the transaction, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 610,094 shares of company stock valued at $51,022,478. 14.69% of the stock is currently 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.