HBK Sorce Advisory LLC Takes $481,000 Position in AppLovin Co. (NASDAQ:APP)

HBK Sorce Advisory LLC acquired a new stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,486 shares of the company's stock, valued at approximately $481,000.

Several other institutional investors have also added to or reduced their stakes in the business. GHP Investment Advisors Inc. acquired a new stake in shares of AppLovin during the fourth quarter worth about $25,000. Riverview Trust Co boosted its stake in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after buying an additional 82 shares during the last quarter. Hemington Wealth Management lifted its stake in shares of AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of AppLovin by 172.2% in the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company's stock valued at $32,000 after purchasing an additional 62 shares during the last quarter. Finally, Smithfield Trust Co acquired a new position in shares of AppLovin in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on APP shares. Oppenheimer reiterated an "outperform" rating and issued a $560.00 price objective (up previously from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Stifel Nicolaus upped their price target on AppLovin from $250.00 to $435.00 and gave the stock a "buy" rating in a report on Thursday, December 5th. Jefferies Financial Group upped their price target on AppLovin from $400.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Benchmark increased their price objective on AppLovin from $375.00 to $525.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Macquarie increased their price objective on AppLovin from $270.00 to $450.00 and gave the company an "outperform" rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $438.28.

Remove Ads

AppLovin Stock Performance

APP stock traded up $20.89 during midday trading on Friday, reaching $292.89. The company had a trading volume of 10,053,786 shares, compared to its average volume of 5,187,542. 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 stock has a 50 day moving average price of $357.00 and a 200 day moving average price of $267.94. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm has a market capitalization of $99.57 billion, a PE ratio of 64.51, a P/E/G ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 44,400 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the sale, the chief executive officer now directly owns 2,869,492 shares in the company, valued at $1,179,045,567.88. This represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now owns 88,389 shares of the company's stock, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 322,871 shares of company stock valued at $111,401,882. Corporate insiders own 14.69% of the company's stock.

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.