Pitcairn Co. Reduces Stock Position in AppLovin Corporation $APP

Pitcairn Co. reduced its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 72.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,975 shares of the company’s stock after selling 16,063 shares during the quarter. Pitcairn Co.’s holdings in AppLovin were worth $2,092,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Hilltop National Bank bought a new position in AppLovin during the 2nd quarter valued at $26,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of AppLovin in the 2nd quarter valued at about $26,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of AppLovin in the 2nd quarter valued at about $33,000. Hoey Investments Inc. bought a new position in shares of AppLovin during the second quarter worth about $35,000. Finally, Trust Co. of Vermont acquired a new position in AppLovin in the second quarter worth about $35,000. Institutional investors own 41.85% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wedbush upped their price objective on AppLovin from $745.00 to $800.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. The Goldman Sachs Group upped their price target on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. BTIG Research lifted their price objective on shares of AppLovin from $693.00 to $705.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Royal Bank Of Canada increased their target price on shares of AppLovin from $700.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, Bank of America lifted their price target on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Nineteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $692.60.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 4,069 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the completion of the transaction, the chief executive officer directly owned 2,998,948 shares in the company, valued at approximately $1,491,976,630. The trade was a 0.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 150 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $693.32, for a total value of $103,998.00. Following the completion of the transaction, the director directly owned 2,829 shares of the company’s stock, valued at $1,961,402.28. This trade represents a 5.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 332,727 shares of company stock worth $195,062,520 over the last ninety days. 13.66% of the stock is owned by company insiders.

AppLovin Stock Performance

APP stock opened at $670.67 on Monday. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The stock has a market capitalization of $226.65 billion, a price-to-earnings ratio of 81.39, a PEG ratio of 3.60 and a beta of 2.51. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The stock’s fifty day moving average is $608.97 and its two-hundred day moving average is $502.52.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company’s revenue for the quarter was up 68.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. On average, research analysts predict that AppLovin Corporation will post 6.87 EPS for the current 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.