Pitcairn Co. Boosts Stake in AppLovin Co. (NASDAQ:APP)

Pitcairn Co. increased its stake in AppLovin Co. (NASDAQ:APP) by 8.6% in the 4th quarter, Holdings Channel reports. The fund owned 31,110 shares of the company’s stock after buying an additional 2,473 shares during the quarter. AppLovin comprises about 0.6% of Pitcairn Co.’s holdings, making the stock its 22nd largest position. Pitcairn Co.’s holdings in AppLovin were worth $10,074,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. GHP Investment Advisors Inc. bought a new position in AppLovin during the fourth quarter valued at approximately $25,000. Riverview Trust Co grew its holdings in shares of AppLovin by 1,640.0% during 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 purchased a new position in AppLovin in the 4th quarter worth $28,000. Hemington Wealth Management lifted its stake in AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after purchasing an additional 40 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after purchasing an additional 62 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, 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 SEC, which is available through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 306,900 shares of company stock valued at $106,401,841. Insiders own 14.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on APP shares. Oppenheimer reiterated an “outperform” rating and issued a $560.00 price objective on shares of AppLovin in a report on Thursday, March 27th. JPMorgan Chase & Co. lifted their price target on AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Benchmark increased their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Jefferies Financial Group lifted their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company set a $538.00 price target on shares of AppLovin and gave the company an “overweight” rating in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $435.47.

AppLovin Price Performance

Shares of APP opened at $290.39 on Thursday. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm’s 50-day simple moving average is $347.77 and its two-hundred day simple moving average is $286.73. The stock has a market cap of $98.72 billion, a PE ratio of 63.96, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. 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) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

AppLovin 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.