Pinkerton Wealth LLC Buys New Shares in AppLovin Corporation $APP

Pinkerton Wealth LLC bought a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the 4th quarter, Holdings Channel reports. The firm bought 1,953 shares of the company’s stock, valued at approximately $1,316,000.

Several other institutional investors and hedge funds also recently bought and sold shares of APP. Vanguard Group Inc. lifted its position in AppLovin by 39.4% during the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock valued at $17,930,776,000 after purchasing an additional 7,051,663 shares in the last quarter. State Street Corp raised its holdings in AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Rakuten Investment Management Inc. bought a new stake in AppLovin during the third quarter valued at about $1,456,108,000. Jennison Associates LLC raised its holdings in AppLovin by 55.2% during the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after acquiring an additional 1,381,970 shares during the period. Finally, Capital Research Global Investors bought a new stake in AppLovin during the third quarter valued at about $743,899,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on APP. Citigroup decreased their price target on AppLovin from $820.00 to $710.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Morgan Stanley set a $720.00 price target on AppLovin in a report on Thursday, February 12th. JPMorgan Chase & Co. raised their price target on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Arete Research set a $340.00 price target on AppLovin and gave the company a “neutral” rating in a report on Monday, March 2nd. Finally, BTIG Research reissued a “buy” rating and set a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $664.35.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the sale, the director directly owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of AppLovin stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares in the company, valued at $1,117,625,877.90. This trade represents a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 365,244 shares of company stock valued at $169,584,607. 13.66% of the stock is currently owned by insiders.

AppLovin Trading Up 1.1%

Shares of APP stock opened at $482.28 on Thursday. AppLovin Corporation has a 12-month low of $320.00 and a 12-month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock’s 50-day moving average price is $445.73 and its 200-day moving average price is $525.32. The stock has a market capitalization of $162.02 billion, a price-to-earnings ratio of 41.43, a price-to-earnings-growth ratio of 0.78 and a beta of 2.37.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the firm posted $1.67 earnings per share. The business’s revenue was up 58.9% compared to the same quarter last year. Equities research analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

AppLovin Company 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.