SteelPeak Wealth LLC Buys Shares of 2,289 AppLovin Co. (NASDAQ:APP)

SteelPeak Wealth LLC bought a new position in AppLovin Co. (NASDAQ:APP) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,289 shares of the company’s stock, valued at approximately $741,000.

Other institutional investors and hedge funds have also modified their holdings of the company. National Bank of Canada FI increased its stake in shares of AppLovin by 4.0% in the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock worth $131,000 after acquiring an additional 39 shares during the last quarter. Versant Capital Management Inc increased its position in AppLovin by 19.7% in the 4th quarter. Versant Capital Management Inc now owns 322 shares of the company’s stock worth $104,000 after purchasing an additional 53 shares during the last quarter. Great Valley Advisor Group Inc. raised its stake in shares of AppLovin by 2.2% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock worth $370,000 after purchasing an additional 60 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of AppLovin by 172.2% during the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after purchasing an additional 62 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in shares of AppLovin by 54.7% during the 4th quarter. Avior Wealth Management LLC now owns 215 shares of the company’s stock valued at $70,000 after buying an additional 76 shares during the last quarter. Hedge funds and other 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 company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 888,867 shares of company stock valued at $284,773,062 in the last 90 days. 14.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on APP shares. The Goldman Sachs Group raised their price objective on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research report on Monday. Bank of America raised their price target on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 25th. UBS Group upped their price objective on shares of AppLovin from $315.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group boosted their price target on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $366.29.

AppLovin Stock Up 1.5 %

NASDAQ APP opened at $366.34 on Thursday. AppLovin Co. has a twelve month low of $40.71 and a twelve month high of $417.64. The stock has a market cap of $122.94 billion, a PE ratio of 111.01, a PEG ratio of 2.96 and a beta of 2.29. The firm has a 50-day simple moving average of $339.92 and a 200 day simple moving average of $204.14. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.33. The company 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 EPS. On average, research analysts forecast that AppLovin Co. will post 4.06 EPS 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.