AppLovin Co. (NASDAQ:APP) Shares Sold by MGB Wealth Management LLC

MGB Wealth Management LLC lessened its holdings in shares of AppLovin Co. (NASDAQ:APP) by 4.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 331,924 shares of the company’s stock after selling 17,210 shares during the period. AppLovin makes up approximately 15.7% of MGB Wealth Management LLC’s holdings, making the stock its largest position. MGB Wealth Management LLC’s holdings in AppLovin were worth $43,333,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Second Half Financial Partners LLC acquired a new position in shares of AppLovin during the 3rd quarter worth about $224,000. Eagle Asset Management Inc. lifted its position in shares of AppLovin by 2,200.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after purchasing an additional 500,407 shares during the last quarter. WCM Investment Management LLC increased its stake in AppLovin by 10.5% during the third 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 period. Oppenheimer Asset Management Inc. increased its stake in AppLovin by 10.0% during the third quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company’s stock valued at $3,440,000 after acquiring an additional 2,385 shares during the period. Finally, Smithbridge Asset Management Inc. DE bought a new position in AppLovin during the third quarter valued at about $7,086,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $86.04, for a total transaction of $473,220.00. Following the transaction, the chief technology officer now owns 4,536,447 shares of the company’s stock, valued at approximately $390,315,899.88. This represents a 0.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 21,101 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $332.67, for a total value of $7,019,669.67. Following the transaction, the chief financial officer now directly owns 213,336 shares in the company, valued at approximately $70,970,487.12. This represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,065 shares of company stock worth $233,072,408 in the last three months. Insiders own 14.69% of the company’s stock.

AppLovin Stock Up 4.7 %

NASDAQ APP opened at $333.31 on Friday. The firm has a market cap of $111.86 billion, a PE ratio of 101.00, a price-to-earnings-growth ratio of 3.92 and a beta of 1.86. AppLovin Co. has a one year low of $35.79 and a one year high of $342.51. The stock’s 50 day simple moving average is $181.30 and its 200 day simple moving average is $117.41. 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 (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin’s revenue for the quarter was up 38.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.30 EPS. As a group, sell-side analysts forecast that AppLovin Co. will post 4.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

APP has been the topic of several research reports. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and boosted their price target for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Piper Sandler initiated coverage on AppLovin in a research note on Wednesday. They set an “overweight” rating and a $400.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Oppenheimer boosted their price target on AppLovin from $180.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and boosted their price target for the company from $103.00 to $150.00 in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $222.96.

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.