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

Prestige Wealth Management Group LLC cut its stake in AppLovin Co. (NASDAQ:APP) by 41.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87 shares of the company’s stock after selling 62 shares during the period. Prestige Wealth Management Group LLC’s holdings in AppLovin were worth $28,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in APP. GHP Investment Advisors Inc. acquired a new stake in shares of AppLovin in the 4th quarter worth about $25,000. Riverview Trust Co increased its stake in shares of AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares during the period. Hemington Wealth Management raised its holdings in shares of AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after buying an additional 62 shares during the period. Finally, Smithfield Trust Co bought a new position in AppLovin in the 4th quarter worth approximately $32,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Up 1.9 %

NASDAQ:APP opened at $346.29 on Wednesday. The stock has a fifty day simple moving average of $354.81 and a 200 day simple moving average of $280.21. The firm has a market capitalization of $117.72 billion, a price-to-earnings ratio of 76.28, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Sell-side analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, 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 value of $64,930,000.00. Following the transaction, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction 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 sale, the chief executive officer now directly owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock valued at $106,401,841 in the last three months. 14.69% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Bank of America boosted their price target on AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $560.00 price objective (up previously from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Monday, March 17th. Piper Sandler upped their price target on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Citigroup raised their price objective on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average price target of $438.28.

AppLovin Company 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.