SteelPeak Wealth LLC Sells 4,028 Shares of AppLovin Corporation $APP

SteelPeak Wealth LLC reduced its position in AppLovin Corporation (NASDAQ:APP) by 90.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 425 shares of the company’s stock after selling 4,028 shares during the quarter. SteelPeak Wealth LLC’s holdings in AppLovin were worth $305,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Relyea Zuckerberg Hanson LLC grew its position in shares of AppLovin by 4.6% during the 3rd quarter. Relyea Zuckerberg Hanson LLC now owns 776 shares of the company’s stock valued at $558,000 after purchasing an additional 34 shares in the last quarter. Lazard Freres Gestion S.A.S. purchased a new stake in shares of AppLovin in the third quarter worth $2,514,000. Silver Oak Securities Incorporated bought a new stake in AppLovin during the third quarter valued at $290,000. Golden State Equity Partners purchased a new position in AppLovin during the third quarter worth about $370,000. Finally, True Wealth Design LLC grew its position in AppLovin by 405.7% during the third quarter. True Wealth Design LLC now owns 177 shares of the company’s stock worth $127,000 after buying an additional 142 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Trading Down 8.2%

Shares of APP opened at $618.32 on Monday. AppLovin Corporation has a fifty-two week low of $200.50 and a fifty-two week high of $745.61. The firm has a market cap of $208.96 billion, a price-to-earnings ratio of 75.04, a PEG ratio of 2.04 and a beta of 2.50. The firm has a 50 day moving average price of $639.23 and a 200-day moving average price of $535.11. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The firm’s revenue was up 68.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. As a group, equities research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity

In other news, CTO Vasily Shikin sold 27,143 shares of AppLovin stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the transaction, the chief technology officer owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 150,000 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $650.91, for a total value of $97,636,500.00. Following the sale, the director owned 7,133,292 shares of the company’s stock, valued at $4,643,131,095.72. This represents a 2.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 340,336 shares of company stock valued at $200,062,623. 13.66% of the stock is currently owned by insiders.

Analysts Set New Price Targets

APP has been the subject of a number of research analyst reports. Benchmark lifted their price target on AppLovin from $700.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Piper Sandler raised their target price on shares of AppLovin from $740.00 to $800.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. UBS Group reissued a “buy” rating and issued a $775.00 price target on shares of AppLovin in a research note on Thursday, December 11th. Royal Bank Of Canada increased their price target on shares of AppLovin from $700.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, BTIG Research reaffirmed a “buy” rating and set a $771.00 price objective on shares of AppLovin in a report on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $695.90.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.