Pinnacle Wealth Management LLC Grows Stake in AppLovin Corporation $APP

Key Points

• Pinnacle Wealth Management LLC increased its stake in AppLovin Corporation by 59.8%, owning 8,324 shares valued at approximately $2.9 million, marking it as the firm's 11th largest holding.
• In related insider trading, Victoria Valenzuela sold 35,000 shares at an average price of $502.23, leading to an 11.48% decrease in her ownership, while other insiders collectively sold over 1.15 million shares valued at $514.9 million in the last quarter.
• AppLovin's most recent earnings report showed earnings per share of $2.26, exceeding expectations, while revenue of $1.26 billion fell short of analyst estimates of $1.37 billion, indicating a 77.1% year-over-year revenue growth.

Pinnacle Wealth Management LLC raised its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 59.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,324 shares of the company's stock after buying an additional 3,116 shares during the quarter. AppLovin comprises 2.4% of Pinnacle Wealth Management LLC's portfolio, making the stock its 11th biggest holding. Pinnacle Wealth Management LLC's holdings in AppLovin were worth $2,914,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after buying an additional 1,213,536 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after buying an additional 1,769,400 shares in the last quarter. Baillie Gifford & Co. grew its holdings in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after buying an additional 1,185,859 shares in the last quarter. Invesco Ltd. grew its holdings in AppLovin by 32.9% during the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after buying an additional 992,316 shares in the last quarter. Finally, Kensico Capital Management Corp grew its holdings in AppLovin by 12.9% during the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company's stock valued at $762,849,000 after buying an additional 328,000 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In related news, insider Victoria Valenzuela sold 35,000 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the sale, the insider directly owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $487.97, for a total value of $170,789.50. Following the sale, the director directly owned 3,150 shares of the company's stock, valued at $1,537,105.50. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. 13.66% of the stock is currently owned by insiders.

AppLovin Price Performance

NASDAQ:APP opened at $599.31 on Friday. The firm has a market capitalization of $202.72 billion, a price-to-earnings ratio of 85.13, a PEG ratio of 3.25 and a beta of 2.53. AppLovin Corporation has a 1 year low of $141.35 and a 1 year high of $745.61. The business has a 50 day simple moving average of $556.25 and a 200-day simple moving average of $412.29. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the company earned $0.89 EPS. The company's revenue for the quarter was up 77.1% on a year-over-year basis. Equities analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on APP. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. The Goldman Sachs Group restated a "neutral" rating and set a $630.00 price target on shares of AppLovin in a report on Tuesday. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Royal Bank Of Canada assumed coverage on AppLovin in a research note on Monday, October 13th. They issued an "outperform" rating and a $700.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and a consensus target price of $600.59.

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.

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