B. Riley Wealth Advisors Inc. Increases Stock Position in AppLovin Co. (NASDAQ:APP)

B. Riley Wealth Advisors Inc. grew its stake in shares of AppLovin Co. (NASDAQ:APP) by 43.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,391 shares of the company’s stock after acquiring an additional 1,929 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in AppLovin were worth $841,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. FMR LLC increased its position in shares of AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after buying an additional 6,801,138 shares during the period. Fred Alger Management LLC bought a new position in AppLovin in the 2nd quarter valued at $290,655,000. 1832 Asset Management L.P. increased its holdings in shares of AppLovin by 977.2% in 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 period. WCM Investment Management LLC boosted its position in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in AppLovin by 31.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after buying an additional 560,560 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Down 1.8 %

Shares of NASDAQ:APP opened at $337.89 on Wednesday. AppLovin Co. has a 1 year low of $37.40 and a 1 year high of $417.64. The stock’s fifty day moving average price is $253.97 and its 200-day moving average price is $148.87. The company has a market cap of $113.39 billion, a P/E ratio of 102.39, a PEG ratio of 4.17 and a beta of 2.28. 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 (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm’s quarterly revenue was up 38.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.30 earnings per share. Sell-side analysts expect that AppLovin Co. will post 4.06 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Craig Scott Billings sold 18,000 shares of AppLovin stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the transaction, the director now owns 2,987 shares in the company, valued at approximately $952,673.78. The trade was a 85.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the stock in a transaction on Tuesday, November 12th. The stock was 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. The trade was a 5.56 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 872,896 shares of company stock valued at $279,773,021. Insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Bank of America boosted their price objective on shares of AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Jefferies Financial Group raised their price target on shares of AppLovin from $270.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Loop Capital increased their target price on shares of AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a report on Monday. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $280.00 in a report on Friday, November 8th. Finally, UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $100.00 to $145.00 in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $296.40.

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.