Fifth Third Bancorp Grows Holdings in AppLovin Corporation $APP

Fifth Third Bancorp raised its position in AppLovin Corporation (NASDAQ:APP) by 312.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,123 shares of the company’s stock after buying an additional 4,637 shares during the period. Fifth Third Bancorp’s holdings in AppLovin were worth $4,126,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new position in AppLovin in the fourth quarter valued at $294,000. Bison Wealth LLC purchased a new stake in shares of AppLovin during the fourth quarter worth about $239,000. Integrated Wealth Concepts LLC increased its stake in shares of AppLovin by 58.0% during the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of AppLovin by 5.7% during the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after purchasing an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in shares of AppLovin by 7.2% during the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after purchasing an additional 9,380 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

APP opened at $460.00 on Friday. The firm has a market capitalization of $155.15 billion, a PE ratio of 47.18, a PEG ratio of 0.80 and a beta of 2.37. AppLovin Corporation has a twelve month low of $286.85 and a twelve month high of $745.61. The firm’s 50-day moving average price is $437.77 and its 200 day moving average price is $535.89. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.35. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.61 billion. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. AppLovin’s quarterly revenue was up 66.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.73 earnings per share. As a group, sell-side analysts expect that AppLovin Corporation will post 15.72 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on APP shares. Evercore reissued a “buy” rating on shares of AppLovin in a research note on Friday, January 30th. Benchmark reissued a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Oppenheimer cut their target price on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Morgan Stanley set a $720.00 target price on shares of AppLovin in a research note on Thursday, February 12th. Finally, Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus price target of $673.25.

Insider Buying and Selling

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director directly owned 6,969,382 shares in the company, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. The trade was a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 365,244 shares of company stock worth $169,584,607. 13.66% of the stock is owned by insiders.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.