PNC Financial Services Group Inc. Buys 2,225 Shares of AppLovin Corporation $APP

PNC Financial Services Group Inc. increased its stake in AppLovin Corporation (NASDAQ:APP) by 5.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 39,804 shares of the company’s stock after purchasing an additional 2,225 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $15,842,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC bought a new stake in AppLovin during the first quarter worth $25,000. Washington Trust Advisors Inc. grew its position in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin in the 4th quarter valued at about $32,000. Finally, First Pacific Financial bought a new stake in shares of AppLovin in the 1st quarter valued at about $33,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on APP shares. Raymond James Financial assumed coverage on AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target for the company. BTIG Research restated a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Wedbush reaffirmed an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price objective on shares of AppLovin in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $668.45.

AppLovin Trading Down 1.7%

APP stock opened at $391.98 on Friday. AppLovin Corporation has a 52 week low of $357.03 and a 52 week high of $745.61. The company has a market capitalization of $131.68 billion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 0.65 and a beta of 2.49. The company’s 50-day simple moving average is $498.97 and its 200 day simple moving average is $480.08. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the company earned $1.67 EPS. The business’s revenue was up 58.9% on a year-over-year basis. As a group, sell-side analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the sale, the chief financial officer owned 177,450 shares of the company’s stock, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the sale, the chief executive officer owned 2,369,351 shares in the company, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 393,000 shares of company stock valued at $197,297,363 over the last 90 days. 12.81% of the stock is owned by company 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.