Alta Wealth Advisors LLC Takes $2.80 Million Position in AppLovin Corporation $APP

Alta Wealth Advisors LLC acquired a new position in shares of AppLovin Corporation (NASDAQ:APP) in the third quarter, HoldingsChannel reports. The fund acquired 3,901 shares of the company’s stock, valued at approximately $2,803,000. AppLovin makes up about 1.0% of Alta Wealth Advisors LLC’s investment portfolio, making the stock its 22nd largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in AppLovin by 2.8% during the third quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock worth $504,000 after acquiring an additional 19 shares during the last quarter. Optas LLC grew its holdings in shares of AppLovin by 2.5% during the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after purchasing an additional 21 shares during the period. Bartlett & CO. Wealth Management LLC grew its holdings in shares of AppLovin by 19.6% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock worth $96,000 after purchasing an additional 22 shares during the period. Avestar Capital LLC increased its position in AppLovin by 2.1% during the 2nd quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock worth $391,000 after purchasing an additional 23 shares in the last quarter. Finally, Proffitt & Goodson Inc. raised its holdings in AppLovin by 65.7% in the third quarter. Proffitt & Goodson Inc. now owns 58 shares of the company’s stock valued at $42,000 after buying an additional 23 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. BTIG Research reiterated a “buy” rating and set a $771.00 price objective on shares of AppLovin in a research note on Wednesday, December 17th. Weiss Ratings cut shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Zacks Research upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research note on Tuesday, January 20th. Finally, Wedbush upped their target price on AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $706.45.

AppLovin Stock Performance

Shares of APP stock opened at $535.44 on Tuesday. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25. The company’s fifty day moving average price is $634.72 and its two-hundred day moving average price is $563.64. The firm has a market capitalization of $180.95 billion, a P/E ratio of 64.98, a P/E/G ratio of 1.73 and a beta of 2.50. AppLovin Corporation has a 12 month low of $200.50 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) 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 business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company earned $1.29 earnings per share. The company’s revenue for the quarter was up 68.2% compared to the same quarter last year. On average, research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 4,069 shares of AppLovin stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the sale, the chief executive officer directly owned 2,998,948 shares in the company, valued at $1,491,976,630. The trade was a 0.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 7,609 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $657.13, for a total value of $5,000,102.17. Following the completion of the transaction, the insider directly owned 277,110 shares in the company, valued at approximately $182,097,294.30. The trade was a 2.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 340,336 shares of company stock worth $200,062,623 in the last quarter. Company insiders own 13.66% of the company’s stock.

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.