City National Bank of Florida MSD Invests $711,000 in AppLovin Co. (NASDAQ:APP)

City National Bank of Florida MSD bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,197 shares of the company's stock, valued at approximately $711,000. AppLovin makes up approximately 0.6% of City National Bank of Florida MSD's portfolio, making the stock its 27th largest position.

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

AppLovin Stock Performance

Shares of APP opened at $358.35 on Thursday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $121.26 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 52-week low of $60.67 and a 52-week high of $525.15. The business's 50 day moving average is $290.23 and its two-hundred day moving average is $321.52.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter last year, the company earned $0.67 EPS. AppLovin's quarterly revenue was up 40.3% on a year-over-year basis. Analysts forecast that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on APP. UBS Group increased their price target on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. upped their price target on AppLovin from $270.00 to $355.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Monday, April 21st. Piper Sandler increased their price objective on AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Finally, Benchmark restated a "buy" rating and set a $525.00 price target on shares of AppLovin in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $433.85.

Insider Activity

In other AppLovin news, Director Dawson Alyssa Harvey sold 570 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $371.12, for a total value of $211,538.40. Following the completion of the sale, the director now owns 6,231 shares of the company's stock, valued at approximately $2,312,448.72. This represents a 8.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the transaction, the director now owns 221,209 shares of the company's stock, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,132,654 shares of company stock valued at $414,627,485. 14.69% of the stock is owned by company insiders.

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.

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