AppLovin Corporation $APP Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 113.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 17,645 shares of the company’s stock after buying an additional 9,379 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $12,678,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in APP. CBIZ Investment Advisory Services LLC lifted its stake in AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 17 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of AppLovin by 2.8% during the 3rd quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock worth $504,000 after buying an additional 19 shares during the last quarter. Optas LLC boosted its holdings in shares of AppLovin by 2.5% in the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock valued at $630,000 after buying an additional 21 shares in the last quarter. Bartlett & CO. Wealth Management LLC grew its position in shares of AppLovin by 19.6% in the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock valued at $96,000 after buying an additional 22 shares during the last quarter. Finally, Avestar Capital LLC raised its stake in AppLovin by 2.1% during the 2nd quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock worth $391,000 after acquiring an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the completion of the transaction, the chief technology officer directly owned 3,323,681 shares of the company’s stock, valued at approximately $1,812,669,143.78. This represents a 0.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 30,888 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $520.29, for a total value of $16,070,717.52. Following the completion of the sale, the chief executive officer directly owned 2,553,161 shares of the company’s stock, valued at $1,328,384,136.69. This represents a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 160,286 shares of company stock valued at $86,062,422. 13.66% of the stock is owned by insiders.

AppLovin Price Performance

AppLovin stock opened at $404.39 on Thursday. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.25. The business has a 50 day simple moving average of $577.60 and a 200-day simple moving average of $572.06. AppLovin Corporation has a 12 month low of $200.50 and a 12 month high of $745.61. The stock has a market capitalization of $136.67 billion, a PE ratio of 41.48, a price-to-earnings-growth ratio of 0.77 and a beta of 2.49.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, beating 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 last year, the firm posted $1.73 EPS. Equities analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

APP has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, February 12th. Royal Bank Of Canada restated an “outperform” rating and set a $700.00 price target on shares of AppLovin in a research note on Thursday, February 12th. UBS Group set a $740.00 price objective on AppLovin in a research note on Thursday, February 12th. Zacks Research downgraded AppLovin from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, Deutsche Bank Aktiengesellschaft set a $705.00 target price on shares of AppLovin and gave the company a “buy” rating in a report on Wednesday, October 22nd. Twenty investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $651.77.

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.