Drive Wealth Management LLC Takes $256,000 Position in AppLovin Co. (NASDAQ:APP)

Drive Wealth Management LLC acquired a new stake in shares of AppLovin Co. (NASDAQ:APP) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 789 shares of the company’s stock, valued at approximately $256,000.

Other hedge funds have also recently made changes to their positions in the company. Townsquare Capital LLC increased its holdings in AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after buying an additional 3,126 shares during the last quarter. Second Half Financial Partners LLC purchased a new stake in AppLovin during the third quarter valued at approximately $224,000. State Street Corp increased its holdings in AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after buying an additional 500,407 shares during the last quarter. Finally, Zacks Investment Management increased its stake in shares of AppLovin by 328.1% in the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after purchasing an additional 81,331 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Trading Down 5.5 %

Shares of APP opened at $343.02 on Tuesday. AppLovin Co. has a twelve month low of $40.71 and a twelve month high of $417.64. The company has a market cap of $115.11 billion, a P/E ratio of 103.95, a P/E/G ratio of 2.96 and a beta of 2.29. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company’s fifty day simple moving average is $338.31 and its 200-day simple moving average is $201.05.

AppLovin (NASDAQ:APP) last announced its earnings results 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. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm posted $0.30 earnings per share. The business’s revenue for the quarter was up 38.6% on a year-over-year basis. As a group, analysts expect that AppLovin Co. will post 4.06 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Loop Capital increased their price objective on shares of AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Benchmark initiated coverage on shares of AppLovin in a research report on Friday, January 10th. They set a “buy” rating and a $375.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. Macquarie upped their target price on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Wedbush restated an “outperform” rating and set a $270.00 target price (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $366.29.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 15,971 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 372,205 shares of the company’s stock, valued at $116,526,219.35. This trade represents a 4.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at $291,115,402.32. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 888,867 shares of company stock valued at $284,773,062 in the last 90 days. Company 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.