Alta Wealth Advisors LLC Makes New $2.80 Million Investment in AppLovin Corporation $APP

Alta Wealth Advisors LLC purchased a new stake in shares of AppLovin Corporation (NASDAQ:APP) in the third quarter, according to its most recent filing with the SEC. The firm purchased 3,901 shares of the company’s stock, valued at approximately $2,803,000. AppLovin accounts for about 1.0% of Alta Wealth Advisors LLC’s portfolio, making the stock its 22nd largest position.

Several other institutional investors have also modified their holdings of APP. Hilltop National Bank purchased a new position in AppLovin in the 2nd quarter valued at approximately $26,000. LFA Lugano Financial Advisors SA acquired a new stake in AppLovin in the second quarter valued at $26,000. Chilton Capital Management LLC purchased a new position in shares of AppLovin in the third quarter valued at $29,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of AppLovin in the second quarter valued at $33,000. Finally, Heartwood Wealth Advisors LLC acquired a new position in shares of AppLovin during the 3rd quarter worth $33,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 2.1%

APP stock opened at $535.44 on Tuesday. The stock has a market capitalization of $180.95 billion, a P/E ratio of 64.98, a PEG ratio of 1.73 and a beta of 2.50. 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 Corporation has a one year low of $200.50 and a one year high of $745.61. The company has a 50 day moving average price of $634.72 and a two-hundred day moving average price of $563.64.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on APP. Bank of America increased their price objective on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Royal Bank Of Canada increased their price target on shares of AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Jefferies Financial Group raised their price objective on shares of AppLovin from $800.00 to $860.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Piper Sandler reaffirmed an “overweight” rating on shares of AppLovin in a research note on Tuesday, January 20th. Finally, Wedbush raised their price target on AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $706.45.

Insider Buying and Selling

In other news, 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 transaction of $97,636,500.00. Following the transaction, the director directly owned 7,133,292 shares in the company, valued at $4,643,131,095.72. This represents a 2.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 27,143 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the completion of the sale, the chief technology officer directly owned 3,323,681 shares in the company, valued at $1,812,669,143.78. This represents a 0.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 340,336 shares of company stock worth $200,062,623. 13.66% of the stock is owned by company insiders.

AppLovin Profile

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.