Westbourne Investments Inc. Invests $1.13 Million in AppLovin Co. (NASDAQ:APP)

Westbourne Investments Inc. bought a new stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,500 shares of the company's stock, valued at approximately $1,133,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. GHP Investment Advisors Inc. acquired a new stake in shares of AppLovin during the fourth quarter worth approximately $25,000. Fuller & Thaler Asset Management Inc. bought a new position in AppLovin in the fourth quarter valued at approximately $25,000. Riverview Trust Co lifted its position in shares of AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after buying an additional 82 shares during the last quarter. Tucker Asset Management LLC acquired a new position in shares of AppLovin in the fourth quarter valued at approximately $28,000. Finally, Hemington Wealth Management lifted its position in shares of AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after acquiring an additional 40 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Analysts Set New Price Targets

APP has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on AppLovin from $475.00 to $270.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Oppenheimer reiterated an "outperform" rating and issued a $560.00 price objective on shares of AppLovin in a research note on Thursday, March 27th. Bank of America raised their price objective on shares of AppLovin from $375.00 to $580.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Piper Sandler decreased their target price on AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Finally, Arete Research set a $200.00 price target on AppLovin in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $415.15.

AppLovin Stock Up 10.1 %

AppLovin stock traded up $28.09 during mid-day trading on Friday, hitting $307.58. The company had a trading volume of 6,984,084 shares, compared to its average volume of 5,944,323. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock's 50 day moving average price is $276.82 and its two-hundred day moving average price is $304.83. The company has a market capitalization of $104.56 billion, a PE ratio of 67.75, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts' consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, sell-side analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $410.89, for a total value of $18,243,516.00. Following the completion of the transaction, the chief executive officer now owns 2,869,492 shares in the company, valued at approximately $1,179,045,567.88. The trade was a 1.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 306,900 shares of company stock valued at $106,401,841. Insiders own 14.69% of the company's stock.

AppLovin Company 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.