Sagespring Wealth Partners LLC Takes $865,000 Position in AppLovin Co. (NASDAQ:APP)

Sagespring Wealth Partners LLC bought a new position in AppLovin Co. (NASDAQ:APP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,670 shares of the company's stock, valued at approximately $865,000.

Several other hedge funds have also recently made changes to their positions in APP. National Bank of Canada FI raised its position in shares of AppLovin by 4.0% in the third quarter. National Bank of Canada FI now owns 1,003 shares of the company's stock valued at $131,000 after purchasing an additional 39 shares during the period. Barclays PLC grew its position in shares of AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company's stock valued at $41,643,000 after purchasing an additional 153,248 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of AppLovin by 38.8% during the 3rd quarter. Toronto Dominion Bank now owns 25,174 shares of the company's stock valued at $3,286,000 after purchasing an additional 7,039 shares during the period. TD Private Client Wealth LLC lifted its holdings in AppLovin by 272.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 305 shares of the company's stock worth $40,000 after purchasing an additional 223 shares in the last quarter. Finally, Invst LLC boosted its stake in AppLovin by 23.2% in the 3rd quarter. Invst LLC now owns 6,812 shares of the company's stock worth $889,000 after purchasing an additional 1,284 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

APP has been the topic of several analyst reports. Wells Fargo & Company decreased their price target on AppLovin from $538.00 to $386.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. UBS Group decreased their target price on shares of AppLovin from $630.00 to $450.00 and set a "buy" rating on the stock in a report on Friday. Benchmark raised their price target on shares of AppLovin from $375.00 to $525.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Piper Sandler decreased their price target on shares of AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Morgan Stanley raised AppLovin from an "equal weight" rating to an "overweight" rating and dropped their price objective for the company from $470.00 to $350.00 in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $424.84.

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AppLovin Price Performance

NASDAQ APP traded up $9.40 on Tuesday, reaching $245.47. 6,762,119 shares of the company's stock traded hands, compared to its average volume of 5,781,085. The stock has a market cap of $83.45 billion, a PE ratio of 54.07, a P/E/G ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The stock has a 50-day simple moving average of $324.56 and a 200 day simple moving average of $295.32.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results 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, research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock valued at $106,401,841 in the last ninety 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.