Circle Wealth Management LLC Grows Stake in AppLovin Co. (NASDAQ:APP)

by · The Cerbat Gem

Circle Wealth Management LLC raised its holdings in shares of AppLovin Co. (NASDAQ:APP – Free Report) by 102.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,592 shares of the company’s stock after buying an additional 2,326 shares during the quarter. Circle Wealth Management LLC’s holdings in AppLovin were worth $1,487,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in APP. FMR LLC boosted its holdings in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares in the last quarter. SVB Wealth LLC bought a new position in AppLovin during the fourth quarter valued at approximately $1,781,922,000. Geode Capital Management LLC raised its stake in shares of AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock worth $1,462,144,000 after acquiring an additional 573,310 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock valued at $977,639,000 after purchasing an additional 1,222,074 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Activity

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares in the company, valued at $201,675,501.85. The trade was a 24.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the transaction, the chief executive officer now owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock valued at $106,401,841 in the last quarter. Insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $303.46 on Thursday. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a market cap of $103.16 billion, a P/E ratio of 66.84, a P/E/G ratio of 3.02 and a beta of 2.39. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company’s 50-day moving average price is $275.48 and its 200-day moving average price is $308.12.

AppLovin (NASDAQ:APP – Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company earned $0.67 EPS. The company’s revenue for the quarter was up 40.3% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

APP has been the subject of several recent research reports. Morgan Stanley raised shares of AppLovin from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $470.00 to $350.00 in a research note on Thursday, April 10th. Wells Fargo & Company reduced their price target on AppLovin from $538.00 to $386.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. The Goldman Sachs Group lowered their price objective on AppLovin from $500.00 to $335.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Bank of America raised their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, FBN Securities initiated coverage on shares of AppLovin in a research report on Friday, March 28th. They set an “outperform” rating and a $385.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $415.15.

Check Out Our Latest Research Report on APP

AppLovin Profile

(Free Report)

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.

Further Reading

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