Summit Trail Advisors LLC Makes New Investment in AppLovin Co. (NASDAQ:APP)

Summit Trail Advisors LLC purchased a new stake in shares of AppLovin Co. (NASDAQ:APP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,145 shares of the company’s stock, valued at approximately $1,018,000.

A number of other hedge funds and other institutional investors have also modified their holdings of APP. Sanctuary Advisors LLC bought a new stake in AppLovin during the second quarter worth approximately $241,000. CWM LLC increased its position in shares of AppLovin by 40.0% during the 3rd quarter. CWM LLC now owns 4,659 shares of the company’s stock valued at $608,000 after purchasing an additional 1,331 shares during the period. ORG Wealth Partners LLC bought a new stake in shares of AppLovin in the 3rd quarter worth $42,000. Creative Planning raised its stake in shares of AppLovin by 251.2% in the 3rd quarter. Creative Planning now owns 144,883 shares of the company’s stock worth $18,914,000 after buying an additional 103,628 shares in the last quarter. Finally, Swedbank AB lifted its holdings in shares of AppLovin by 24.7% in the third quarter. Swedbank AB now owns 96,455 shares of the company’s stock valued at $12,592,000 after buying an additional 19,100 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on APP. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Loop Capital lifted their price objective on shares of AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Oppenheimer reissued an “outperform” rating and set a $480.00 target price on shares of AppLovin in a research note on Tuesday, December 10th. Wells Fargo & Company lifted their price target on shares of AppLovin from $360.00 to $366.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Finally, Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $366.29.

AppLovin Trading Down 2.4 %

AppLovin stock opened at $375.25 on Wednesday. The business’s 50-day simple moving average is $347.17 and its 200-day simple moving average is $223.52. AppLovin Co. has a 52 week low of $45.12 and a 52 week high of $417.64. The firm has a market capitalization of $125.93 billion, a PE ratio of 113.71, a PEG ratio of 3.10 and a beta of 2.30. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

Insider Activity at AppLovin

In other news, Director Dawson Alyssa Harvey sold 500 shares of AppLovin stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $406.27, for a total transaction of $203,135.00. Following the sale, the director now owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. This trade represents a 6.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the transaction, the insider now owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,991 shares of company stock worth $267,640,144 in the last ninety days. 14.69% of the stock is currently owned by insiders.

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.