Ritholtz Wealth Management Raises Holdings in AppLovin Co. (NASDAQ:APP)

Ritholtz Wealth Management grew its holdings in AppLovin Co. (NASDAQ:APP) by 28.9% during the fourth quarter, HoldingsChannel reports. The fund owned 19,872 shares of the company’s stock after purchasing an additional 4,452 shares during the period. Ritholtz Wealth Management’s holdings in AppLovin were worth $6,435,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in APP. Capital Performance Advisors LLP acquired a new stake in shares of AppLovin in the 3rd quarter valued at about $25,000. DT Investment Partners LLC acquired a new stake in AppLovin during the 3rd quarter worth approximately $27,000. Meeder Asset Management Inc. purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $29,000. Finally, Quest Partners LLC purchased a new position in shares of AppLovin during the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. BTIG Research raised their price objective on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $280.00 in a research note on Friday, November 8th. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. Finally, Oppenheimer reissued an “outperform” rating and set a $480.00 price target on shares of AppLovin in a research report on Tuesday, December 10th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $338.06.

Insider Activity at AppLovin

In other AppLovin news, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at $291,115,402.32. The trade was a 5.56 % 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, insider Victoria Valenzuela sold 17,925 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the transaction, the insider now owns 405,676 shares in the company, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 888,867 shares of company stock worth $284,773,062. 14.69% of the stock is owned by insiders.

AppLovin Price Performance

APP stock opened at $332.01 on Friday. AppLovin Co. has a 52-week low of $39.43 and a 52-week high of $417.64. The stock’s fifty day simple moving average is $327.99 and its 200-day simple moving average is $185.52. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a market capitalization of $111.42 billion, a price-to-earnings ratio of 100.61, a price-to-earnings-growth ratio of 2.68 and a beta of 2.29.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the firm earned $0.30 earnings per share. The firm’s revenue for the quarter was up 38.6% compared to the same quarter last year. Equities research analysts expect that AppLovin Co. will post 4.06 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.