CreativeOne Wealth LLC Makes New $908,000 Investment in AppLovin Co. (NASDAQ:APP)

CreativeOne Wealth LLC purchased a new position in shares of AppLovin Co. (NASDAQ:APP) during the third quarter, Holdings Channel.com reports. The firm purchased 6,956 shares of the company’s stock, valued at approximately $908,000.

Several other large investors also recently modified their holdings of APP. Second Half Financial Partners LLC bought a new position in AppLovin during the third quarter worth $224,000. Eagle Asset Management Inc. raised its holdings in shares of AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after purchasing an additional 500,407 shares during the period. WCM Investment Management LLC boosted its position in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of AppLovin by 10.0% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company’s stock valued at $3,440,000 after buying an additional 2,385 shares during the period. Finally, Smithbridge Asset Management Inc. DE acquired a new position in AppLovin during the 3rd quarter worth approximately $7,086,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Bank of America raised their price objective on AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, November 25th. BTIG Research boosted their price target on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Citigroup upped their price objective on shares of AppLovin from $185.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Piper Sandler assumed coverage on shares of AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price for the company. Finally, Macquarie upped their target price on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $265.57.

AppLovin Stock Up 2.5 %

APP stock opened at $336.75 on Friday. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $344.77. The stock has a market cap of $113.01 billion, a P/E ratio of 102.05, a P/E/G ratio of 4.05 and a beta of 1.86. The stock’s fifty day simple moving average is $197.69 and its two-hundred day simple moving average is $123.96. 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm’s revenue for the quarter was up 38.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 earnings per share. Analysts expect that AppLovin Co. will post 4.06 EPS for the current year.

Insider Activity

In related news, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the sale, the chief technology officer now directly owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. The trade was a 13.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew Stumpf sold 21,101 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the transaction, the chief financial officer now owns 213,336 shares of the company’s stock, valued at $70,970,487.12. This represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 884,395 shares of company stock valued at $243,101,629 in the last three months. Company insiders own 14.69% of the company’s stock.

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.