Summit Securities Group LLC Takes Position in AppLovin Co. (NASDAQ:APP)

Summit Securities Group LLC bought a new position in AppLovin Co. (NASDAQ:APP) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 289 shares of the company’s stock, valued at approximately $94,000.

A number of other institutional investors and hedge funds have also bought and sold shares of APP. Advisors Asset Management Inc. boosted its position in AppLovin by 89.7% during the third quarter. Advisors Asset Management Inc. now owns 681 shares of the company’s stock valued at $89,000 after buying an additional 322 shares during the period. Cerity Partners LLC lifted its stake in shares of AppLovin by 36.3% in the 3rd quarter. Cerity Partners LLC now owns 18,120 shares of the company’s stock valued at $2,366,000 after acquiring an additional 4,822 shares during the last quarter. Townsquare Capital LLC boosted its holdings in AppLovin by 64.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares during the period. Freedom Investment Management Inc. bought a new position in AppLovin during the 3rd quarter worth approximately $231,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in AppLovin by 20.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,657 shares of the company’s stock worth $5,830,000 after purchasing an additional 7,638 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on APP shares. Bank of America lifted their target price on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Oppenheimer reissued an “outperform” rating on shares of AppLovin in a research note on Thursday. Jefferies Financial Group upped their target price on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Stifel Nicolaus raised their target price on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Finally, Loop Capital reiterated a “buy” rating on shares of AppLovin in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $435.47.

Insider Activity at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the transaction, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction that occurred on Friday, February 21st. The stock was 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 owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 306,900 shares of company stock valued at $106,401,841. 14.69% of the stock is owned by corporate insiders.

AppLovin Price Performance

APP opened at $272.38 on Monday. The firm has a market cap of $92.60 billion, a PE ratio of 60.00, a P/E/G ratio of 3.02 and a beta of 2.33. The stock has a 50-day moving average price of $351.86 and a 200-day moving average price of $284.38. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Sell-side analysts predict that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

AppLovin Company 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.