Drive Wealth Management LLC Makes New Investment in AppLovin Co. (NASDAQ:APP)

Drive Wealth Management LLC bought a new position in AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 789 shares of the company’s stock, valued at approximately $256,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of AppLovin in the 3rd quarter worth $25,000. DT Investment Partners LLC bought a new position in shares of AppLovin during the 3rd quarter valued at $27,000. Meeder Asset Management Inc. bought a new position in shares of AppLovin during the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. bought a new position in shares of AppLovin during the 3rd quarter valued at $29,000. Finally, Fifth Third Bancorp grew its holdings in shares of AppLovin by 172.2% during the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after purchasing an additional 62 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Trading Down 5.5 %

NASDAQ:APP opened at $343.02 on Tuesday. AppLovin Co. has a 12 month low of $40.71 and a 12 month high of $417.64. The stock has a market cap of $115.11 billion, a price-to-earnings ratio of 103.95, a P/E/G ratio of 2.96 and a beta of 2.29. The company has a 50-day moving average price of $338.31 and a 200-day moving average price of $201.05. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

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

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total value of $5,000,040.97. Following the transaction, the insider now owns 372,205 shares in the company, valued at approximately $116,526,219.35. This represents a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the company’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 transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 888,867 shares of company stock valued at $284,773,062 in the last three months. Company insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on APP. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Wells Fargo & Company increased their target price on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. Finally, Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $80.00 to $280.00 in a report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $366.29.

AppLovin 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.