Opal Wealth Advisors LLC Purchases New Shares in AppLovin Co. (NASDAQ:APP)

Opal Wealth Advisors LLC purchased a new stake in AppLovin Co. (NASDAQ:APP) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 731 shares of the company’s stock, valued at approximately $237,000.

A number of other institutional investors and hedge funds have also bought and sold shares of APP. Townsquare Capital LLC grew its stake in AppLovin by 64.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after purchasing an additional 3,126 shares during the period. Second Half Financial Partners LLC bought a new position in AppLovin in the 3rd quarter valued at $224,000. State Street Corp grew its stake in AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after purchasing an additional 428,419 shares during the period. Eagle Asset Management Inc. grew its stake in AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after purchasing an additional 500,407 shares during the period. Finally, Zacks Investment Management grew its stake in AppLovin by 328.1% in the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after purchasing an additional 81,331 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Up 2.3 %

Shares of NASDAQ APP opened at $384.40 on Tuesday. The business has a 50-day simple moving average of $347.00 and a two-hundred day simple moving average of $221.43. AppLovin Co. has a 52 week low of $45.12 and a 52 week high of $417.64. The company has a market cap of $129.00 billion, a P/E ratio of 116.49, a P/E/G ratio of 3.10 and a beta of 2.30. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

Wall Street Analyst Weigh In

APP has been the subject of a number of recent analyst reports. Macquarie upped their price objective on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. increased their price target on AppLovin from $200.00 to $325.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Piper Sandler initiated coverage on AppLovin in a research note on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price target for the company. Jefferies Financial Group increased their price target on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Loop Capital increased their price target on AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $366.29.

Insider Buying and Selling at AppLovin

In related news, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the transaction, the insider now directly owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Herald Y. Chen sold 400 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the transaction, the chief financial officer now directly owns 207,649 shares in the company, valued at approximately $76,032,757.84. This represents a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 828,991 shares of company stock valued at $267,640,144 in the last 90 days. 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.