Graypoint LLC Invests $369,000 in AppLovin Co. (NASDAQ:APP)

Graypoint LLC bought a new stake in AppLovin Co. (NASDAQ:APP) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,140 shares of the company’s stock, valued at approximately $369,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. HBW Advisory Services LLC bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $323,000. Fulton Bank N.A. boosted its stake in AppLovin by 12.1% in the 4th quarter. Fulton Bank N.A. now owns 8,429 shares of the company’s stock valued at $2,730,000 after buying an additional 908 shares in the last quarter. Range Financial Group LLC acquired a new stake in AppLovin in the 4th quarter valued at $2,237,000. Diversified Trust Co raised its stake in AppLovin by 27.1% during the fourth quarter. Diversified Trust Co now owns 5,034 shares of the company’s stock worth $1,630,000 after acquiring an additional 1,072 shares in the last quarter. Finally, Silverleafe Capital Partners LLC acquired a new position in AppLovin during the fourth quarter worth $963,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

APP opened at $318.48 on Friday. The company has a fifty day moving average price of $318.41 and a two-hundred day moving average price of $180.45. The firm has a market capitalization of $106.88 billion, a PE ratio of 96.51, a P/E/G ratio of 4.17 and a beta of 2.29. AppLovin Co. has a 52 week low of $39.43 and a 52 week high of $417.64. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping 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 business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was up 38.6% compared to the same quarter last year. As a group, analysts anticipate that AppLovin Co. will post 4.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on APP shares. Piper Sandler initiated coverage on shares of AppLovin in a report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Bank of America increased their price target on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average price target of $337.71.

Insider Activity

In other AppLovin news, insider Victoria Valenzuela sold 15,971 shares of the stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the sale, the insider now directly owns 372,205 shares in the company, valued at $116,526,219.35. This represents a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the transaction, the chief executive officer now owns 3,058,635 shares in the company, valued at $1,090,066,927.65. This trade represents a 0.05 % 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 ninety days. 14.69% of the stock is 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.