Veracity Capital LLC Boosts Stock Position in AppLovin Co. (NASDAQ:APP)

Veracity Capital LLC grew its holdings in shares of AppLovin Co. (NASDAQ:APP) by 94.3% in the 4th quarter, HoldingsChannel reports. The firm owned 3,451 shares of the company’s stock after acquiring an additional 1,675 shares during the quarter. Veracity Capital LLC’s holdings in AppLovin were worth $1,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. National Bank of Canada FI raised its stake in shares of AppLovin by 4.0% in the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock valued at $131,000 after buying an additional 39 shares during the period. Versant Capital Management Inc raised its stake in AppLovin by 19.7% in the 4th quarter. Versant Capital Management Inc now owns 322 shares of the company’s stock valued at $104,000 after acquiring an additional 53 shares during the period. Great Valley Advisor Group Inc. lifted its holdings in AppLovin by 2.2% during the third quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock valued at $370,000 after purchasing an additional 60 shares during the last quarter. Avior Wealth Management LLC boosted its position in AppLovin by 54.7% during the fourth quarter. Avior Wealth Management LLC now owns 215 shares of the company’s stock worth $70,000 after purchasing an additional 76 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of AppLovin by 139.1% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 153 shares of the company’s stock worth $50,000 after purchasing an additional 89 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APP has been the subject of several analyst reports. The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Oppenheimer reaffirmed an “outperform” rating and issued a $480.00 price target on shares of AppLovin in a report on Tuesday, December 10th. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Macquarie lifted their target price on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and upped their price target for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $355.41.

AppLovin Price Performance

Shares of AppLovin stock opened at $362.52 on Friday. The firm has a market capitalization of $121.66 billion, a PE ratio of 109.85, a price-to-earnings-growth ratio of 2.77 and a beta of 2.29. 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 Co. has a 12 month low of $40.71 and a 12 month high of $417.64. The business’s 50-day moving average price is $335.97 and its 200-day moving average price is $195.69.

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

Insider Activity at AppLovin

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of the 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 sale, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at approximately $291,115,402.32. This represents a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dawson Alyssa Harvey sold 500 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $406.27, for a total transaction of $203,135.00. Following the completion of the transaction, the director now owns 6,684 shares in the company, valued at $2,715,508.68. This represents a 6.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 888,867 shares of company stock valued at $284,773,062. Insiders own 14.69% of the company’s stock.

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.