Independent Solutions Wealth Management LLC Makes New $3.94 Million Investment in AppLovin Co. (NASDAQ:APP)

Independent Solutions Wealth Management LLC bought a new position in AppLovin Co. (NASDAQ:APP) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 12,156 shares of the company’s stock, valued at approximately $3,936,000.

Other hedge funds have also made changes to their positions in the company. GHP Investment Advisors Inc. acquired a new stake in AppLovin in the fourth quarter valued at approximately $25,000. Riverview Trust Co lifted its holdings in shares of AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Hemington Wealth Management grew its stake in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after buying an additional 40 shares during the last quarter. Fifth Third Bancorp grew its stake in AppLovin by 172.2% during the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after buying an additional 62 shares during the last quarter. Finally, Smithfield Trust Co purchased a new stake in AppLovin in the fourth quarter valued at about $32,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $306.74 on Friday. The company has a market cap of $104.28 billion, a P/E ratio of 67.56, a PEG ratio of 3.02 and a beta of 2.33. The company has a 50-day moving average price of $353.92 and a 200 day moving average price of $272.44. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Benchmark lifted their price objective on shares of AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Citigroup lifted their price target on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Bank of America increased 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. Stifel Nicolaus raised their price objective on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, Arete Research set a $200.00 target price on AppLovin in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $438.28.

Insider Buying and Selling

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate 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.