AppLovin Co. (NASDAQ:APP) Stock Position Lowered by MGB Wealth Management LLC

MGB Wealth Management LLC reduced its stake in AppLovin Co. (NASDAQ:APP) by 27.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 239,616 shares of the company’s stock after selling 92,308 shares during the period. AppLovin comprises 24.1% of MGB Wealth Management LLC’s investment portfolio, making the stock its largest position. MGB Wealth Management LLC’s holdings in AppLovin were worth $77,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in shares of AppLovin in the second quarter valued at about $241,000. CWM LLC grew its stake in shares of AppLovin by 40.0% in the third quarter. CWM LLC now owns 4,659 shares of the company’s stock worth $608,000 after purchasing an additional 1,331 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in AppLovin during the 3rd quarter valued at about $42,000. Creative Planning raised its position in AppLovin by 251.2% during the 3rd quarter. Creative Planning now owns 144,883 shares of the company’s stock valued at $18,914,000 after purchasing an additional 103,628 shares during the last quarter. Finally, Swedbank AB raised its position in AppLovin by 24.7% during the 3rd quarter. Swedbank AB now owns 96,455 shares of the company’s stock valued at $12,592,000 after purchasing an additional 19,100 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 1,676 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the transaction, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at approximately $1,090,066,927.65. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the transaction, the director now directly owns 2,987 shares of the company’s stock, valued at $952,673.78. The trade was a 85.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 828,991 shares of company stock valued at $267,640,144 over the last 90 days. 14.69% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Oppenheimer reissued an “outperform” rating and set a $480.00 target price on shares of AppLovin in a research note on Tuesday, December 10th. Stifel Nicolaus boosted their price objective on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Benchmark began coverage on shares of AppLovin in a research report on Friday, January 10th. They issued a “buy” rating and a $375.00 target price for the company. Wells Fargo & Company lifted their target price on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $366.29.

AppLovin Stock Up 1.4 %

Shares of APP stock opened at $380.32 on Thursday. The company has a 50 day simple moving average of $347.30 and a two-hundred day simple moving average of $224.62. The stock has a market cap of $127.63 billion, a P/E ratio of 115.25, a P/E/G ratio of 3.10 and a beta of 2.30. AppLovin Co. has a 12 month low of $45.12 and a 12 month high of $417.64. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last announced 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 return on equity of 122.24% and a net margin of 26.85%. On average, research analysts expect that AppLovin Co. will post 4.09 earnings per share for the current year.

About AppLovin

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.