Wedmont Private Capital Has $1.77 Million Stock Position in AppLovin Co. (NASDAQ:APP)

Wedmont Private Capital grew its stake in AppLovin Co. (NASDAQ:APP - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,095 shares of the company's stock after buying an additional 773 shares during the period. Wedmont Private Capital's holdings in AppLovin were worth $1,773,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of APP. JFS Wealth Advisors LLC increased its position in AppLovin by 38.2% during the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company's stock worth $34,000 after purchasing an additional 29 shares during the period. HighPoint Advisor Group LLC boosted its stake in shares of AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after buying an additional 31 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after buying an additional 33 shares in the last quarter. Forum Financial Management LP grew its holdings in AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares during the period. Finally, Truvestments Capital LLC raised its position in AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after acquiring an additional 38 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the sale, the director now owns 3,451 shares in the company, valued at approximately $1,450,455.30. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 33,700 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total value of $12,318,698.00. Following the transaction, the chief executive officer now owns 2,760,363 shares in the company, valued at approximately $1,009,023,091.02. This trade represents a 1.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,211,468 shares of company stock valued at $454,489,290. 14.69% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on APP shares. Benchmark reaffirmed a "buy" rating and set a $525.00 price objective on shares of AppLovin in a report on Thursday, May 8th. Piper Sandler lifted their price target on AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. FBN Securities started coverage on shares of AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective on the stock. Morgan Stanley raised their target price on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday. Finally, Bank of America upped their price target on shares of AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $438.10.

AppLovin Price Performance

Shares of APP traded down $2.85 during mid-day trading on Thursday, reaching $380.58. The company had a trading volume of 6,521,775 shares, compared to its average volume of 6,107,185. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. 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's 50-day moving average is $318.74 and its 200-day moving average is $333.48. The company has a market capitalization of $128.78 billion, a P/E ratio of 83.83, a P/E/G ratio of 3.02 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. AppLovin's revenue was up 40.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 EPS. On average, equities analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

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.