MGB Wealth Management LLC Cuts Position in AppLovin Co. (NASDAQ:APP)

MGB Wealth Management LLC decreased its stake in AppLovin Co. (NASDAQ:APP) by 4.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 331,924 shares of the company’s stock after selling 17,210 shares during the period. AppLovin accounts for 15.7% of MGB Wealth Management LLC’s portfolio, making the stock its largest position. MGB Wealth Management LLC owned approximately 0.10% of AppLovin worth $43,333,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP bought a new stake in AppLovin during the 3rd quarter valued at $25,000. DT Investment Partners LLC bought a new stake in AppLovin during the 3rd quarter valued at $27,000. Meeder Asset Management Inc. bought a new stake in AppLovin during the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. bought a new stake in AppLovin during the 3rd quarter valued at $29,000. Finally, Quest Partners LLC bought a new stake in AppLovin during the 2nd quarter valued at $33,000. Institutional investors own 41.85% of the company’s stock.

Insider Activity at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 21,101 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $332.67, for a total value of $7,019,669.67. Following the completion of the sale, the chief financial officer now owns 213,336 shares of the company’s stock, valued at $70,970,487.12. The trade was a 9.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the completion of the sale, the chief technology officer now directly owns 3,919,024 shares of the company’s stock, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,065 shares of company stock valued at $233,072,408. Insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the topic of several recent analyst reports. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. Oppenheimer boosted their price objective on AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Citigroup boosted their price objective on AppLovin from $185.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, BTIG Research boosted their price objective on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $222.96.

AppLovin Stock Performance

Shares of APP stock opened at $333.31 on Friday. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $342.51. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $111.86 billion, a price-to-earnings ratio of 101.00, a P/E/G ratio of 3.92 and a beta of 1.86. The stock’s fifty day simple moving average is $181.30 and its 200-day simple moving average is $117.41.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business’s revenue for the quarter was up 38.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. On average, sell-side analysts predict that AppLovin Co. will post 4.05 earnings per share for the current fiscal year.

About AppLovin

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.