Wealthedge Investment Advisors LLC Makes New $889,000 Investment in AppLovin Co. (NASDAQ:APP)

Wealthedge Investment Advisors LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,746 shares of the company's stock, valued at approximately $889,000.

Other large investors have also modified their holdings of the company. Barclays PLC boosted its holdings in shares of AppLovin by 92.5% during the third quarter. Barclays PLC now owns 318,992 shares of the company's stock worth $41,643,000 after purchasing an additional 153,248 shares during the last quarter. Chicago Capital LLC acquired a new position in AppLovin in the fourth quarter valued at approximately $323,000. Avior Wealth Management LLC boosted its position in shares of AppLovin by 54.7% during the fourth quarter. Avior Wealth Management LLC now owns 215 shares of the company's stock worth $70,000 after buying an additional 76 shares during the period. 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, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in AppLovin during the fourth quarter worth approximately $411,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Performance

Shares of APP stock traded down $3.35 during midday trading on Friday, hitting $380.88. 7,834,410 shares of the company were exchanged, compared to its average volume of 6,091,676. The firm has a market capitalization of $128.88 billion, a P/E ratio of 83.89, a PEG ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm's 50 day moving average price is $298.37 and its two-hundred day moving average price is $328.36. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the company posted $0.67 EPS. The company's revenue was up 40.3% on a year-over-year basis. As a group, equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the sale, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. The trade was a 16.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Craig Scott Billings sold 12,000 shares of AppLovin stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the transaction, the director now directly owns 2,987 shares in the company, valued at $1,054,769.44. This trade represents a 80.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,115,754 shares of company stock worth $411,165,970 over the last quarter. Insiders own 14.69% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the topic of several recent analyst reports. UBS Group boosted their target price on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company upped their price objective on shares of AppLovin from $386.00 to $405.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Arete Research set a $200.00 price target on shares of AppLovin in a report on Wednesday, March 5th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Wednesday. Finally, Oppenheimer reissued an "outperform" rating and issued a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $433.85.

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.