SteelPeak Wealth LLC Makes New Investment in AppLovin Co. (NASDAQ:APP)

SteelPeak Wealth LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 2,289 shares of the company's stock, valued at approximately $741,000.

A number of other institutional investors and hedge funds have also made changes to their positions in APP. WCM Investment Management LLC grew its stake in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company's stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. FMR LLC grew its position in shares of AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company's stock valued at $1,030,462,000 after purchasing an additional 6,801,138 shares during the last quarter. State Street Corp increased its stake in shares of AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company's stock worth $703,406,000 after purchasing an additional 428,419 shares in the last quarter. Geode Capital Management LLC raised its position in shares of AppLovin by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company's stock worth $514,418,000 after purchasing an additional 449,241 shares during the last quarter. Finally, Fred Alger Management LLC lifted its stake in AppLovin by 1.3% in the 3rd quarter. Fred Alger Management LLC now owns 3,539,467 shares of the company's stock valued at $462,077,000 after buying an additional 46,854 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In related news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin 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 transaction, the chief marketing officer now directly owns 1,017,388 shares of the company's stock, valued at $291,115,402.32. The trade was a 5.56 % 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, insider Victoria Valenzuela sold 15,971 shares of the company's stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the sale, the insider now directly owns 372,205 shares of the company's stock, valued at $116,526,219.35. The trade was a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 888,867 shares of company stock worth $284,773,062 in the last 90 days. Corporate insiders own 14.69% of the company's stock.

AppLovin Stock Performance

NASDAQ:APP traded down $0.83 during midday trading on Thursday, reaching $365.51. 3,869,179 shares of the company traded hands, compared to its average volume of 4,134,052. AppLovin Co. has a twelve month low of $40.71 and a twelve month high of $417.64. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a fifty day moving average price of $339.92 and a 200 day moving average price of $204.14. The firm has a market capitalization of $122.66 billion, a price-to-earnings ratio of 110.76, a price-to-earnings-growth ratio of 2.96 and a beta of 2.29.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. AppLovin's revenue was up 38.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 EPS. On average, analysts expect that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company raised their price target on AppLovin from $360.00 to $366.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Daiwa America raised shares of AppLovin from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 8th. Oppenheimer reaffirmed an "outperform" rating and set a $480.00 price target on shares of AppLovin in a research report on Tuesday, December 10th. Wedbush reaffirmed an "outperform" rating and set a $270.00 price target (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Finally, Piper Sandler initiated coverage on shares of AppLovin in a research note on Wednesday, November 20th. They set an "overweight" rating and a $400.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and a consensus price target of $366.29.

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.