Rench Wealth Management Inc. Invests $416,000 in AppLovin Co. (NASDAQ:APP)

Rench Wealth Management Inc. bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,285 shares of the company's stock, valued at approximately $416,000.

Other large investors have also modified their holdings of the company. National Bank of Canada FI boosted its holdings in AppLovin by 4.0% during the 3rd quarter. National Bank of Canada FI now owns 1,003 shares of the company's stock valued at $131,000 after acquiring an additional 39 shares during the period. Barclays PLC grew its holdings in shares of AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company's stock valued at $41,643,000 after purchasing an additional 153,248 shares in the last quarter. Toronto Dominion Bank lifted its holdings in AppLovin by 38.8% during the 3rd quarter. Toronto Dominion Bank now owns 25,174 shares of the company's stock worth $3,286,000 after buying an additional 7,039 shares in the last quarter. TD Private Client Wealth LLC boosted its position in AppLovin by 272.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 305 shares of the company's stock valued at $40,000 after buying an additional 223 shares during the period. Finally, Invst LLC increased its position in shares of AppLovin by 23.2% during the third quarter. Invst LLC now owns 6,812 shares of the company's stock worth $889,000 after acquiring an additional 1,284 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Arete Research set a $200.00 price target on AppLovin in a report on Wednesday, March 5th. FBN Securities began coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Monday, March 17th. Piper Sandler cut their target price on AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Finally, Oppenheimer reissued an "outperform" rating and set a $560.00 price objective on shares of AppLovin in a report on Thursday, March 27th. One 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 given a strong buy rating to the company. According to data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average target price of $424.84.

AppLovin Price Performance

Shares of APP traded up $8.41 during mid-day trading on Friday, hitting $238.22. The company's stock had a trading volume of 5,278,241 shares, compared to its average volume of 5,818,977. The firm has a 50-day simple moving average of $313.27 and a 200 day simple moving average of $296.01. The firm has a market capitalization of $80.98 billion, a P/E ratio of 52.47, a P/E/G ratio of 3.02 and a beta of 2.39. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 1-year low of $60.67 and a 1-year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of the company'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 value of $64,930,000.00. Following the sale, the director now owns 621,209 shares of the company's stock, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 45,000 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares of the company's stock, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock valued at $106,401,841 in the last quarter. 14.69% of the stock is currently owned by corporate insiders.

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.