Pacific Point Advisors LLC Buys New Shares in AppLovin Corporation (NASDAQ:APP)

Pacific Point Advisors LLC bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,000 shares of the company's stock, valued at approximately $530,000.

A number of other hedge funds also recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin during the fourth quarter valued at approximately $25,000. Atala Financial Inc purchased a new position in shares of AppLovin in the first quarter valued at $26,000. Alpine Bank Wealth Management purchased a new position in shares of AppLovin in the first quarter valued at $27,000. Tucker Asset Management LLC purchased a new position in shares of AppLovin in the fourth quarter valued at $28,000. Finally, ORG Wealth Partners LLC purchased a new position in AppLovin during the first quarter worth about $29,000. 41.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on APP shares. Benchmark reiterated a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a report on Thursday, May 8th. Morgan Stanley increased their target price on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Jefferies Financial Group increased their target price on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Finally, Scotiabank started coverage on AppLovin in a report on Monday. They set a "sector outperform" rating and a $430.00 target price for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

Insider Buying and Selling

In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the sale, the director directly owned 221,209 shares in the company, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the sale, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 in the last 90 days. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Up 0.2%

Shares of NASDAQ:APP traded up $0.62 during trading on Tuesday, hitting $345.62. The stock had a trading volume of 1,426,736 shares, compared to its average volume of 6,191,411. AppLovin Corporation has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a market capitalization of $116.95 billion, a PE ratio of 62.30, a PEG ratio of 2.04 and a beta of 2.42. The firm's fifty day moving average is $353.55 and its 200 day moving average is $334.17. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the company earned $0.67 EPS. The firm's revenue for the quarter was up 40.3% on a year-over-year basis. Analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.