Ritholtz Wealth Management Has $7.35 Million Stock Holdings in AppLovin Corporation $APP

Ritholtz Wealth Management reduced its position in AppLovin Corporation (NASDAQ:APP) by 12.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 10,226 shares of the company’s stock after selling 1,465 shares during the period. Ritholtz Wealth Management’s holdings in AppLovin were worth $7,348,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc increased its position in AppLovin by 2.8% in the third quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock worth $504,000 after purchasing an additional 19 shares during the period. Optas LLC boosted its stake in shares of AppLovin by 2.5% in the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock valued at $630,000 after purchasing an additional 21 shares during the last quarter. Bartlett & CO. Wealth Management LLC grew its position 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 buying an additional 22 shares during the period. Avestar Capital LLC raised its stake in shares of AppLovin by 2.1% during the second quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock worth $391,000 after buying an additional 23 shares during the last quarter. Finally, Proffitt & Goodson Inc. lifted 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 own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Jefferies Financial Group lifted their target price on shares of AppLovin from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Wedbush raised their price target on AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $425.00 to $650.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Bank of America increased their target price on AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft set a $705.00 target price on AppLovin and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $706.76.

AppLovin Stock Down 1.7%

AppLovin stock opened at $606.99 on Friday. The company has a 50 day moving average of $640.45 and a 200-day moving average of $550.77. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38. AppLovin Corporation has a twelve month low of $200.50 and a twelve month high of $745.61. The stock has a market capitalization of $205.14 billion, a PE ratio of 73.66, a price-to-earnings-growth ratio of 2.04 and a beta of 2.50.

AppLovin (NASDAQ:APP) last released 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. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company’s revenue was up 68.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.29 EPS. On average, equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, Director Dawson Alyssa Harvey sold 150 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $693.32, for a total transaction of $103,998.00. Following the sale, the director owned 2,829 shares in the company, valued at $1,961,402.28. This represents a 5.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 4,069 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the completion of the transaction, the chief executive officer directly owned 2,998,948 shares of the company’s stock, valued at $1,491,976,630. This represents a 0.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 340,336 shares of company stock valued at $200,062,623 over the last quarter. 13.66% of the stock is currently owned by corporate insiders.

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.