Spire Wealth Management Sells 940 Shares of AppLovin Co. (NASDAQ:APP)

Spire Wealth Management cut its position in shares of AppLovin Co. (NASDAQ:APP) by 17.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,414 shares of the company’s stock after selling 940 shares during the quarter. Spire Wealth Management’s holdings in AppLovin were worth $1,429,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. National Bank of Canada FI raised its stake in AppLovin by 4.0% during the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock valued at $131,000 after buying an additional 39 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of AppLovin by 19.7% in the 4th quarter. Versant Capital Management Inc now owns 322 shares of the company’s stock worth $104,000 after purchasing an additional 53 shares in the last quarter. Great Valley Advisor Group Inc. increased its holdings in shares of AppLovin by 2.2% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock worth $370,000 after purchasing an additional 60 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of AppLovin by 172.2% in the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after purchasing an additional 62 shares in the last quarter. Finally, Precision Wealth Strategies LLC increased its holdings in shares of AppLovin by 1.4% in the 4th quarter. Precision Wealth Strategies LLC now owns 4,772 shares of the company’s stock worth $1,545,000 after purchasing an additional 64 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Price Performance

Shares of NASDAQ APP opened at $365.44 on Tuesday. AppLovin Co. has a fifty-two week low of $44.01 and a fifty-two week high of $417.64. The business has a 50 day moving average price of $342.49 and a two-hundred day moving average price of $210.96. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $122.64 billion, a PE ratio of 110.74, a price-to-earnings-growth ratio of 3.00 and a beta of 2.30.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the business posted $0.30 EPS. The business’s revenue was up 38.6% on a year-over-year basis. Sell-side analysts expect that AppLovin Co. will post 4.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

APP has been the subject of several recent research reports. Stifel Nicolaus boosted their price target on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Oppenheimer reissued an “outperform” rating and set a $480.00 price target on shares of AppLovin in a report on Tuesday, December 10th. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Wells Fargo & Company boosted their price objective on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $366.29.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the transaction, the chief technology officer now directly owns 3,919,024 shares in the company, valued at $1,251,618,694.88. The trade was a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the sale, the insider now owns 372,205 shares in the company, valued at approximately $116,526,219.35. This represents a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 888,867 shares of company stock valued at $284,773,062. 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.