Principal Financial Group Inc. Sells 1,881 Shares of AppLovin Corporation $APP

Principal Financial Group Inc. trimmed its position in AppLovin Corporation (NASDAQ:APP) by 0.6% during the 1st quarter, HoldingsChannel reports. The firm owned 335,768 shares of the company’s stock after selling 1,881 shares during the quarter. Principal Financial Group Inc.’s holdings in AppLovin were worth $133,636,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of AppLovin by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after acquiring an additional 166,117 shares during the last quarter. State Street Corp increased its position in AppLovin by 0.4% in the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after purchasing an additional 52,377 shares during the last quarter. Geode Capital Management LLC increased its position in AppLovin by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after purchasing an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in AppLovin by 3.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock valued at $4,103,386,000 after purchasing an additional 212,349 shares in the last quarter. Finally, Morgan Stanley raised its stake in AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after purchasing an additional 538,806 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

APP stock opened at $452.73 on Thursday. The stock has a market cap of $152.09 billion, a PE ratio of 38.89, a P/E/G ratio of 0.73 and a beta of 2.49. AppLovin Corporation has a 12 month low of $343.00 and a 12 month high of $745.61. The company has a 50-day moving average price of $508.18 and a 200 day moving average price of $491.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping 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%. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.67 EPS. Equities research analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on APP. KeyCorp set a $775.00 price objective on shares of AppLovin in a research note on Wednesday, June 10th. UBS Group decreased their target price on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research report on Tuesday, July 7th. Finally, Raymond James Financial started coverage on AppLovin in a report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $668.45.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This represents a 2.36% 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 22,544 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. This represents a 0.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 393,000 shares of company stock valued at $197,297,363. 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.