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

Cyndeo Wealth Partners LLC grew its position in shares of AppLovin Co. (NASDAQ:APP) by 71.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 3,252 shares of the company’s stock after acquiring 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 quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in APP. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of AppLovin in the 4th quarter worth approximately $25,000. Riverview Trust Co grew its stake in shares of AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after buying an additional 82 shares during the last quarter. Tucker Asset Management LLC purchased a new stake in shares of AppLovin in the 4th quarter worth approximately $28,000. Smithfield Trust Co purchased a new stake in shares of AppLovin in the 4th quarter worth approximately $32,000. Finally, JFS Wealth Advisors LLC grew its stake in shares of AppLovin by 38.2% in the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock worth $34,000 after buying an additional 29 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $370.68 on Tuesday. The stock has a 50-day simple moving average of $327.00 and a two-hundred day simple moving average of $334.46. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a market capitalization of $125.43 billion, a PE ratio of 81.65, a P/E/G ratio of 3.02 and a beta of 2.53.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the company posted $0.67 earnings per share. AppLovin’s revenue for the quarter was up 40.3% on a year-over-year basis. Analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Wall Street Analyst Weigh In

APP has been the topic of several recent research reports. HSBC set a $436.00 price target on AppLovin and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Arete Research set a $200.00 target price on AppLovin in a research note on Wednesday, March 5th. Wells Fargo & Company increased their target price on AppLovin from $386.00 to $405.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. The Goldman Sachs Group increased their target price on AppLovin from $335.00 to $435.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $438.10.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 33,700 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 2,760,363 shares in the company, valued at $1,009,023,091.02. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig Scott Billings sold 12,000 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $353.12, for a total value of $4,237,440.00. Following the completion of the transaction, the director now owns 2,987 shares in the company, valued at $1,054,769.44. The trade was a 80.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 over the last ninety days. Corporate insiders own 13.66% of the company’s stock.

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.