Picton Mahoney Asset Management Acquires Shares of 84,975 AppLovin Co. (NASDAQ:APP)

Picton Mahoney Asset Management bought a new stake in AppLovin Co. (NASDAQ:APP - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 84,975 shares of the company's stock, valued at approximately $3,386,000.

A number of other institutional investors and hedge funds have also modified their holdings of APP. Cambridge Investment Research Advisors Inc. purchased a new position in AppLovin during the third quarter worth approximately $237,000. Robeco Institutional Asset Management B.V. purchased a new position in AppLovin during the third quarter worth approximately $45,000. Bank of New York Mellon Corp lifted its position in AppLovin by 5.0% during the third quarter. Bank of New York Mellon Corp now owns 709,140 shares of the company's stock worth $28,337,000 after buying an additional 34,067 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in AppLovin by 23.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,259 shares of the company's stock worth $1,209,000 after buying an additional 5,807 shares in the last quarter. Finally, Strs Ohio purchased a new stake in AppLovin in the third quarter valued at $768,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Down 4.0 %

Shares of APP stock traded down $3.09 during trading hours on Wednesday, reaching $74.00. 6,263,323 shares of the stock were exchanged, compared to its average volume of 4,038,879. The business's fifty day moving average is $69.28 and its two-hundred day moving average is $51.81. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.71 and a quick ratio of 1.71. AppLovin Co. has a 12-month low of $17.25 and a 12-month high of $79.55. The firm has a market capitalization of $24.38 billion, a P/E ratio of 77.09, a P/E/G ratio of 1.48 and a beta of 1.85.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.35 by $0.14. The company had revenue of $953.26 million for the quarter, compared to analyst estimates of $928.66 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm's revenue was up 35.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.21) earnings per share. As a group, research analysts expect that AppLovin Co. will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, Director Craig Scott Billings sold 5,550 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the transaction, the director now directly owns 12,739 shares in the company, valued at $743,065.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the completion of the sale, the insider now directly owns 546,560 shares of the company's stock, valued at $31,569,305.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Craig Scott Billings sold 5,550 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $58.33, for a total value of $323,731.50. Following the sale, the director now directly owns 12,739 shares of the company's stock, valued at $743,065.87. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock worth $4,416,815 over the last three months. Insiders own 14.69% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on APP. Jefferies Financial Group began coverage on AppLovin in a research report on Thursday, May 2nd. They set a "buy" rating and a $93.00 price objective for the company. TheStreet raised shares of AppLovin from a "d+" rating to a "c-" rating in a research report on Friday, March 8th. BTIG Research upped their target price on shares of AppLovin from $65.00 to $87.00 and gave the company a "buy" rating in a research report on Tuesday, April 9th. Stifel Nicolaus upped their target price on shares of AppLovin from $65.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, May 1st. Finally, UBS Group upped their target price on shares of AppLovin from $46.00 to $55.00 and gave the company a "neutral" rating in a research report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $63.60.

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.

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