First Citizens Bank & Trust Co. Takes $4.98 Million Position in AppLovin Corporation $APP

First Citizens Bank & Trust Co. acquired a new position in shares of AppLovin Corporation (NASDAQ:APP) in the first quarter, HoldingsChannel reports. The fund acquired 12,511 shares of the company’s stock, valued at approximately $4,979,000.

Several other large investors have also made changes to their positions in the company. Redhawk Wealth Advisors Inc. boosted its holdings in AppLovin by 2.9% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after acquiring an additional 18 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in AppLovin by 5.7% during the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after acquiring an additional 18 shares during the last quarter. Finivi Inc. raised its holdings in shares of AppLovin by 3.2% in the 4th quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after purchasing an additional 22 shares during the period. Alta Wealth Advisors LLC raised its holdings in shares of AppLovin by 0.6% in the 4th quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock worth $2,645,000 after purchasing an additional 24 shares during the period. Finally, Washington Trust Advisors Inc. lifted its stake 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 purchasing an additional 24 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $428.69 on Wednesday. The company has a market cap of $144.01 billion, a P/E ratio of 36.83, a PEG ratio of 0.69 and a beta of 2.49. 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 Corporation has a one year low of $343.00 and a one year high of $745.61. The business’s 50-day simple moving average is $503.70 and its 200 day simple moving average is $484.09.

AppLovin (NASDAQ:APP) last released its quarterly earnings results 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. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the business earned $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% compared to the same quarter last year. On average, sell-side analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the transaction, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. This represents a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on APP. Citigroup reiterated a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. Wells Fargo & Company boosted their price objective on shares of AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Raymond James Financial began coverage on shares of AppLovin in a research report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price objective for the company. Finally, Piper Sandler reissued an “overweight” rating on shares of AppLovin in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

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.