Pinnbrook Capital Management LP Acquires New Holdings in AppLovin Co. (NASDAQ:APP)

Pinnbrook Capital Management LP acquired a new stake in shares of AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,106 shares of the company’s stock, valued at approximately $3,920,000.

Several other institutional investors also recently bought and sold shares of APP. Townsquare Capital LLC boosted its stake in AppLovin by 64.9% in the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares in the last quarter. Second Half Financial Partners LLC acquired a new stake in AppLovin in the third quarter valued at approximately $224,000. State Street Corp lifted its stake in shares of AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after buying an additional 428,419 shares during the period. Eagle Asset Management Inc. lifted its stake in shares of AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after buying an additional 500,407 shares during the period. Finally, Zacks Investment Management lifted its stake in shares of AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after buying an additional 81,331 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $319.37, for a total value of $189,574,199.56. Following the sale, the chief technology officer now directly owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. This trade represents a 13.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares in the company, valued at $143,670,155.40. The trade was a 4.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 828,991 shares of company stock valued at $267,640,144. Company insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

APP has been the subject of several recent research reports. BTIG Research raised their target price on shares of AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $80.00 to $280.00 in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Thursday, February 13th. The Goldman Sachs Group lifted their price objective on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Finally, Oppenheimer reissued an “outperform” rating and set a $560.00 target price (up previously from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $422.18.

AppLovin Stock Performance

AppLovin stock opened at $510.13 on Tuesday. The firm has a 50 day simple moving average of $354.68 and a 200-day simple moving average of $234.57. AppLovin Co. has a 1-year low of $52.75 and a 1-year high of $525.15. 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 stock has a market cap of $171.20 billion, a price-to-earnings ratio of 154.59, a price-to-earnings-growth ratio of 3.10 and a beta of 2.30.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. On average, analysts expect that AppLovin Co. will post 4.09 EPS for the current 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.