Pinebridge Investments L.P. Purchases 80,105 Shares of AppLovin Co. (NASDAQ:APP)

Pinebridge Investments L.P. lifted its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 68.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,295 shares of the company's stock after purchasing an additional 80,105 shares during the quarter. Pinebridge Investments L.P. owned about 0.06% of AppLovin worth $63,890,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. JFS Wealth Advisors LLC grew its holdings in AppLovin by 38.2% during the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company's stock worth $34,000 after buying an additional 29 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in shares of AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after purchasing an additional 31 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of AppLovin by 6.7% during the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after purchasing an additional 33 shares in the last quarter. Forum Financial Management LP boosted its holdings in AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after purchasing an additional 33 shares during the last quarter. Finally, Truvestments Capital LLC boosted its stake in shares of AppLovin by 0.7% in the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after buying an additional 38 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 3.3 %

APP stock traded up $8.95 on Friday, reaching $276.83. The company's stock had a trading volume of 5,766,189 shares, compared to its average volume of 5,877,465. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The business has a fifty day simple moving average of $295.54 and a two-hundred day simple moving average of $299.04. The firm has a market cap of $94.11 billion, a PE ratio of 60.98, a PEG ratio of 3.02 and a beta of 2.39. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, research analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the transaction, the chief technology officer now owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares in the company, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 306,900 shares of company stock worth $106,401,841 over the last 90 days. 14.69% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on APP shares. Loop Capital restated a "buy" rating and issued a $650.00 price objective on shares of AppLovin in a research note on Friday, March 28th. JPMorgan Chase & Co. decreased their price target on shares of AppLovin from $475.00 to $270.00 and set a "neutral" rating for the company in a research note on Tuesday. The Goldman Sachs Group reduced their price objective on AppLovin from $500.00 to $335.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Wells Fargo & Company dropped their price target on AppLovin from $538.00 to $386.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, FBN Securities began coverage on AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $414.05.

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.