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

Pinnacle Wealth Management LLC bought a new position in AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,187 shares of the company's stock, valued at approximately $2,651,000. AppLovin accounts for 3.0% of Pinnacle Wealth Management LLC's investment portfolio, making the stock its 12th biggest holding.

Other institutional investors have also recently bought and sold shares of the company. GHP Investment Advisors Inc. acquired a new position in shares of AppLovin in the 4th quarter worth approximately $25,000. Fuller & Thaler Asset Management Inc. acquired a new position in AppLovin during the fourth quarter worth $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 valued at $28,000 after acquiring an additional 82 shares during the period. Tucker Asset Management LLC acquired a new stake in shares of AppLovin in the 4th quarter valued at $28,000. Finally, Hemington Wealth Management boosted its stake 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 in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on APP shares. HSBC set a $436.00 target price on shares of AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Piper Sandler raised their price objective on shares of AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Arete Research set a $200.00 target price on shares of AppLovin in a research note on Wednesday, March 5th. Benchmark reiterated a "buy" rating and set a $525.00 price target on shares of AppLovin in a research report on Thursday, May 8th. Finally, Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $433.85.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 17,500 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the transaction, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. This represents a 16.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 570 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $371.12, for a total transaction of $211,538.40. Following the sale, the director now directly owns 6,231 shares of the company's stock, valued at $2,312,448.72. This represents a 8.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,233,254 shares of company stock valued at $446,927,149. 14.69% of the stock is owned by company insiders.

AppLovin Trading Up 4.2%

Shares of AppLovin stock traded up $14.89 during trading on Tuesday, hitting $369.18. 2,514,237 shares of the company were exchanged, compared to its average volume of 6,042,539. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market capitalization of $124.93 billion, a P/E ratio of 81.36, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The firm's fifty day moving average price is $293.78 and its 200 day moving average price is $326.23. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued 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. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The business's quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 earnings per share. As a group, sell-side analysts expect that AppLovin Co. will post 6.87 earnings per share 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.