Cyndeo Wealth Partners LLC Boosts Stake in AppLovin Co. (NASDAQ:APP)

Cyndeo Wealth Partners LLC increased its position in AppLovin Co. (NASDAQ:APP) by 71.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,252 shares of the company’s stock after purchasing an additional 1,355 shares during the period. Cyndeo Wealth Partners LLC’s holdings in AppLovin were worth $862,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in APP. FMR LLC lifted its position in shares of AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company’s stock worth $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of AppLovin in the fourth quarter worth about $1,781,922,000. Baillie Gifford & Co. increased its stake in AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. Norges Bank bought a new stake in AppLovin during the fourth quarter worth approximately $828,138,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock worth $936,888,000 after acquiring an additional 2,373,885 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Up 1.7%

Shares of NASDAQ:APP opened at $370.68 on Tuesday. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The stock has a market cap of $125.43 billion, a P/E ratio of 81.65, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53. The business’s 50 day moving average is $327.00 and its 200 day moving average is $334.46. 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, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the firm earned $0.67 earnings per share. AppLovin’s revenue was up 40.3% compared to the same quarter last year. Sell-side analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on APP shares. Wells Fargo & Company boosted their price objective on AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Arete Research set a $200.00 price objective on AppLovin in a research note on Wednesday, March 5th. Jefferies Financial Group boosted their price objective on AppLovin from $460.00 to $530.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Piper Sandler boosted their price objective on AppLovin from $425.00 to $455.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Finally, FBN Securities started coverage on AppLovin in a research note on Friday, March 28th. They set an “outperform” rating and a $385.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average price target of $438.10.

Insider Buying and Selling

In other AppLovin news, Director Craig Scott Billings sold 12,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at $1,054,769.44. This represents a 80.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 33,700 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total value of $12,318,698.00. Following the sale, the chief executive officer now owns 2,760,363 shares of the company’s stock, valued at approximately $1,009,023,091.02. This represents a 1.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock valued at $455,062,980 over the last quarter. 13.66% of the stock is owned by corporate insiders.

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.