Wedmont Private Capital Grows Stake in AppLovin Co. (NASDAQ:APP)

Wedmont Private Capital grew its holdings in AppLovin Co. (NASDAQ:APP) by 156.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 6,045 shares of the company’s stock after buying an additional 3,684 shares during the quarter. Wedmont Private Capital’s holdings in AppLovin were worth $846,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brevan Howard Capital Management LP purchased a new position in shares of AppLovin in the 4th quarter valued at approximately $1,578,000. Greenstone Partners & Co. LLC lifted its stake in shares of AppLovin by 3.9% in the 4th quarter. Greenstone Partners & Co. LLC now owns 796,837 shares of the company’s stock valued at $31,754,000 after purchasing an additional 29,585 shares during the period. Contour Asset Management LLC lifted its stake in shares of AppLovin by 104.8% in the 4th quarter. Contour Asset Management LLC now owns 949,752 shares of the company’s stock valued at $37,848,000 after purchasing an additional 486,097 shares during the period. Quarry LP purchased a new position in shares of AppLovin in the 4th quarter valued at approximately $44,000. Finally, American Trust purchased a new position in shares of AppLovin in the 4th quarter valued at approximately $215,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

NASDAQ APP opened at $144.84 on Friday. The company has a market capitalization of $47.65 billion, a PE ratio of 86.21, a price-to-earnings-growth ratio of 1.82 and a beta of 1.92. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The business’s fifty day moving average is $103.13 and its 200 day moving average is $87.01. AppLovin Co. has a fifty-two week low of $34.45 and a fifty-two week high of $145.68.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.12. The company 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%. AppLovin’s quarterly revenue was up 44.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 earnings per share. Sell-side analysts predict that AppLovin Co. will post 3.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

APP has been the subject of a number of analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 price objective (up previously from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. BTIG Research raised their price objective on AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Bank of America raised their price objective on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. Finally, Wedbush reduced their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $106.44.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the transaction, the insider now directly owns 352,616 shares in the company, valued at $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the transaction, the insider now directly owns 352,616 shares in the company, valued at $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now owns 254,458 shares in the company, valued at $20,262,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 610,094 shares of company stock worth $51,022,478. Corporate insiders own 14.69% of the company’s stock.

About AppLovin

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.