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

Laidlaw Wealth Management LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 620 shares of the company’s stock, valued at approximately $201,000.

A number of other large investors have also recently added to or reduced their stakes in the company. TimesSquare Capital Management LLC bought a new position in shares of AppLovin in the 4th quarter valued at about $88,495,000. Global Retirement Partners LLC grew its holdings in shares of AppLovin by 21.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,738 shares of the company’s stock valued at $563,000 after acquiring an additional 307 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of AppLovin by 1.8% in the 4th quarter. New York State Common Retirement Fund now owns 150,535 shares of the company’s stock valued at $48,748,000 after acquiring an additional 2,700 shares in the last quarter. Kestra Investment Management LLC bought a new position in shares of AppLovin in the 4th quarter valued at about $51,000. Finally, Atria Wealth Solutions Inc. grew its holdings in shares of AppLovin by 111.7% in the 4th quarter. Atria Wealth Solutions Inc. now owns 4,917 shares of the company’s stock valued at $1,592,000 after acquiring an additional 2,594 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, Director Herald Y. Chen sold 99,000 shares of AppLovin stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $329.50, for a total value of $32,620,500.00. Following the completion of the sale, the director now directly owns 621,209 shares in the company, valued at approximately $204,688,365.50. The trade was a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 217,403 shares of company stock worth $72,325,024. Corporate insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on APP. Bank of America raised their price objective on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Piper Sandler raised their price objective on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Benchmark lifted their price target on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Loop Capital lifted their price target on AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, BTIG Research lifted their price target on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $430.41.

AppLovin Trading Down 0.4 %

Shares of APP stock opened at $494.17 on Thursday. The firm has a 50 day moving average price of $361.30 and a two-hundred day moving average price of $239.37. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $165.84 billion, a PE ratio of 108.85, a price-to-earnings-growth ratio of 3.84 and a beta of 2.30. AppLovin Co. has a 12-month low of $54.50 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, analysts predict that AppLovin Co. will post 6.64 earnings per share for the current year.

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.