Pinnacle Wealth Management LLC Sells 2,979 Shares of AppLovin Corporation $APP

Key Points

• Pinnacle Wealth Management LLC reduced its holdings in AppLovin Corporation by 36.4%, selling 2,979 shares and retaining a total of 5,208 shares worth approximately $1.38 million.
• AppLovin reported $2.26 earnings per share for the latest quarter, surpassing estimates, but its revenue of $1.26 billion fell short of expectations.
• Analysts have mixed views on AppLovin, with an average rating of "Moderate Buy" and a consensus target price of $472.33, reflecting a mix of buy, hold, and sell ratings among analysts.

Pinnacle Wealth Management LLC cut its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 36.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 5,208 shares of the company's stock after selling 2,979 shares during the quarter. AppLovin accounts for 1.6% of Pinnacle Wealth Management LLC's portfolio, making the stock its 15th largest position. Pinnacle Wealth Management LLC's holdings in AppLovin were worth $1,380,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of APP. Vanguard Group Inc. grew its holdings in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after buying an additional 1,185,859 shares during the period. Invesco Ltd. boosted its position in shares of AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after buying an additional 992,316 shares during the period. Dynasty Wealth Management LLC lifted its position in shares of AppLovin by 117,664.4% in the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after buying an additional 2,700,399 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of AppLovin by 86.5% during the 1st quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock worth $632,478,000 after purchasing an additional 1,107,104 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Price Performance

NASDAQ APP traded up $21.8350 during trading hours on Friday, reaching $440.5950. 4,854,981 shares of the company's stock were exchanged, compared to its average volume of 7,089,479. The stock has a market cap of $149.03 billion, a PE ratio of 62.59, a price-to-earnings-growth ratio of 2.31 and a beta of 2.43. AppLovin Corporation has a one year low of $82.51 and a one year high of $525.15. The firm has a fifty day moving average of $373.84 and a 200-day moving average of $344.71. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

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, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.89 EPS. On average, equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Benchmark restated a "buy" rating and set a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Scotiabank boosted their price target on AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. Wells Fargo & Company upped their price objective on AppLovin from $480.00 to $491.00 and gave the company an "overweight" rating in a research note on Thursday. Piper Sandler upped their price objective on AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Citigroup reiterated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $472.86.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the sale, the director owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. The trade was a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the sale, the chief financial officer directly owned 192,421 shares in the company, valued at approximately $81,394,083. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 939,714 shares of company stock worth $419,126,104 over the last 90 days. 13.66% of the stock is currently owned by insiders.

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.