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

PNC Financial Services Group Inc. boosted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 113.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,645 shares of the company’s stock after buying an additional 9,379 shares during the period. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $12,678,000 at the end of the most recent quarter.

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

AppLovin Trading Up 7.4%

NASDAQ APP opened at $404.39 on Thursday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 3.25 and a current ratio of 3.32. The firm has a market cap of $136.67 billion, a price-to-earnings ratio of 41.48, a PEG ratio of 0.77 and a beta of 2.49. The firm has a 50 day simple moving average of $577.60 and a 200-day simple moving average of $572.06. AppLovin Corporation has a one year low of $200.50 and a one year high of $745.61.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.35. The company 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%. The firm’s quarterly revenue was up 66.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.73 EPS. Equities research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on APP shares. Wells Fargo & Company reduced their target price on AppLovin from $735.00 to $543.00 and set an “overweight” rating on the stock in a research report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft set a $705.00 price objective on AppLovin and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Wedbush upped their target price on shares of AppLovin from $465.00 to $640.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Needham & Company LLC reiterated a “buy” rating and set a $700.00 price target on shares of AppLovin in a research report on Thursday, February 12th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, February 12th. Twenty research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $651.77.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 7,385 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $538.10, for a total transaction of $3,973,868.50. Following the completion of the transaction, the chief technology officer directly owned 46,004 shares of the company’s stock, valued at approximately $24,754,752.40. The trade was a 13.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 17,112 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $502.48, for a total transaction of $8,598,437.76. Following the sale, the chief executive officer owned 2,584,049 shares in the company, valued at $1,298,432,941.52. The trade was a 0.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 160,286 shares of company stock worth $86,062,422 in the last quarter. Company insiders own 13.66% of the company’s stock.

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.