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

HBK Sorce Advisory LLC bought a new stake in AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,486 shares of the company's stock, valued at approximately $481,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its position in AppLovin by 131.8% in the 3rd quarter. Assetmark Inc. now owns 9,637 shares of the company's stock valued at $1,258,000 after buying an additional 5,480 shares during the period. Atria Investments Inc purchased a new position in AppLovin in the 3rd quarter valued at approximately $574,000. Crossmark Global Holdings Inc. purchased a new position in AppLovin in the 3rd quarter valued at approximately $289,000. Sumitomo Mitsui Trust Group Inc. boosted its position in AppLovin by 37.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 498,534 shares of the company's stock valued at $65,084,000 after buying an additional 134,645 shares during the period. Finally, Victory Capital Management Inc. boosted its position in AppLovin by 45.5% in the 3rd quarter. Victory Capital Management Inc. now owns 374,892 shares of the company's stock valued at $48,942,000 after buying an additional 117,186 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 44,400 shares of the company's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 2,869,492 shares of the company's stock, valued at approximately $1,179,045,567.88. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the transaction, the director now directly owns 621,209 shares in the company, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 322,871 shares of company stock valued at $111,401,882 over the last quarter. Corporate insiders own 14.69% of the company's stock.

Remove Ads

AppLovin Price Performance

APP stock traded up $20.89 during trading on Friday, reaching $292.89. 10,053,786 shares of the company were exchanged, compared to its average volume of 5,185,397. The company has a market cap of $99.57 billion, a P/E ratio of 64.51, a PEG ratio of 3.02 and a beta of 2.33. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The stock's 50 day moving average price is $357.00 and its 200 day moving average price is $266.70. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on APP shares. Piper Sandler lifted their price objective on shares of AppLovin from $400.00 to $575.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Thursday, February 13th. Loop Capital lifted their price objective on shares of AppLovin from $450.00 to $650.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. UBS Group lifted their price objective on shares of AppLovin from $440.00 to $630.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $325.00 to $475.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $438.28.

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.