Pinnacle Wealth Management LLC Invests $2.65 Million in AppLovin Co. (NASDAQ:APP)

Pinnacle Wealth Management LLC bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,187 shares of the company's stock, valued at approximately $2,651,000. AppLovin comprises 3.0% of Pinnacle Wealth Management LLC's portfolio, making the stock its 12th biggest holding.

A number of other hedge funds have also recently bought and sold shares of APP. GHP Investment Advisors Inc. acquired a new position in shares of AppLovin in the 4th quarter valued at $25,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin in the 4th quarter valued at $25,000. Riverview Trust Co boosted its holdings in shares of AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC acquired a new position in shares of AppLovin in the 4th quarter valued at $28,000. Finally, Hemington Wealth Management boosted its holdings in shares of AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on APP. Benchmark reiterated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a report on Thursday, May 8th. The Goldman Sachs Group lifted their price target on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Piper Sandler lifted their price target on shares of AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Citigroup lifted their target price on shares of AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Finally, Oppenheimer restated an "outperform" rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, AppLovin has an average rating of "Moderate Buy" and a consensus target price of $433.85.

Insider Activity

In other AppLovin news, insider Victoria Valenzuela sold 6,599 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $369.35, for a total transaction of $2,437,340.65. Following the completion of the transaction, the insider now directly owns 344,256 shares of the company's stock, valued at $127,150,953.60. The trade was a 1.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 44,400 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the sale, the chief executive officer now directly owns 2,869,492 shares of the company's stock, valued at approximately $1,179,045,567.88. This represents a 1.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,277,654 shares of company stock valued at $465,170,665. Company insiders own 14.69% of the company's stock.

AppLovin Price Performance

APP opened at $351.47 on Friday. The company has a 50-day moving average of $291.13 and a 200-day moving average of $322.85. The company has a market capitalization of $118.93 billion, a P/E ratio of 77.42, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly 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 business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the business posted $0.67 EPS. The company's quarterly revenue was up 40.3% on a year-over-year basis. Equities analysts expect that AppLovin Co. will post 6.87 EPS for the current fiscal year.

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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