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

PNC Financial Services Group Inc. increased its stake in shares of AppLovin Corporation (NASDAQ:APP) by 113.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,579 shares of the company’s stock after purchasing an additional 19,934 shares during the period. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $25,321,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Mediolanum International Funds Ltd raised its position in shares of AppLovin by 73.5% during the 3rd quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock worth $54,664,000 after purchasing an additional 32,510 shares during the last quarter. Allworth Financial LP grew its stake in AppLovin by 131.7% in the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after acquiring an additional 3,438 shares during the period. CIBC Asset Management Inc grew its stake in AppLovin by 14.8% in the 3rd quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock worth $84,160,000 after acquiring an additional 15,074 shares during the period. APG Asset Management N.V. purchased a new stake in AppLovin in the 3rd quarter worth approximately $4,958,000. Finally, Trek Financial LLC grew its stake in AppLovin by 851.6% in the 3rd quarter. Trek Financial LLC now owns 9,630 shares of the company’s stock worth $6,920,000 after acquiring an additional 8,618 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on APP. Wedbush reaffirmed an “outperform” rating and issued a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Wells Fargo & Company lifted their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Morgan Stanley set a $720.00 target price on shares of AppLovin in a research note on Thursday, February 12th. Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 12th. Finally, Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $664.35.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the transaction, the director owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This trade represents a 2.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. This trade represents a 1.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 365,244 shares of company stock worth $169,584,607 in the last quarter. 13.66% of the stock is owned by insiders.

AppLovin Stock Down 0.9%

Shares of APP opened at $481.68 on Friday. The firm has a market cap of $161.82 billion, a PE ratio of 41.38, a price-to-earnings-growth ratio of 0.79 and a beta of 2.37. The company’s fifty day moving average is $446.31 and its two-hundred day moving average is $523.95. AppLovin Corporation has a fifty-two week low of $320.00 and a fifty-two week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same quarter last year, the business earned $1.67 EPS. Analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current year.

About AppLovin

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.