PNC Financial Services Group Inc. Sells 348 Shares of AppLovin Co. (NASDAQ:APP)

PNC Financial Services Group Inc. cut its stake in AppLovin Co. (NASDAQ:APP) by 4.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,718 shares of the company’s stock after selling 348 shares during the period. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $1,008,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. HM Payson & Co. increased its stake in AppLovin by 50.0% during the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 100 shares during the period. Aptus Capital Advisors LLC raised its stake in shares of AppLovin by 0.3% in the third quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock valued at $4,371,000 after purchasing an additional 104 shares in the last quarter. Ashton Thomas Securities LLC lifted its position in AppLovin by 2.6% in the third quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock worth $626,000 after purchasing an additional 121 shares during the period. GAMMA Investing LLC boosted its stake in AppLovin by 8.2% during the third quarter. GAMMA Investing LLC now owns 1,665 shares of the company’s stock worth $217,000 after buying an additional 126 shares in the last quarter. Finally, American Trust increased its holdings in AppLovin by 2.8% in the 1st quarter. American Trust now owns 5,550 shares of the company’s stock valued at $384,000 after buying an additional 150 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AppLovin

In other news, CFO Matthew Stumpf sold 21,101 shares of AppLovin stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the sale, the chief financial officer now owns 213,336 shares in the company, valued at $70,970,487.12. The trade was a 9.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Vasily Shikin sold 593,588 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the completion of the transaction, the chief technology officer now owns 3,919,024 shares in the company, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,065 shares of company stock worth $233,072,408 over the last 90 days. 14.69% of the stock is owned by insiders.

AppLovin Trading Down 0.4 %

Shares of NASDAQ APP opened at $328.56 on Thursday. AppLovin Co. has a 1-year low of $35.79 and a 1-year high of $344.77. The company has a 50-day moving average of $189.49 and a two-hundred day moving average of $121.08. The company has a market cap of $110.26 billion, a PE ratio of 99.56, a P/E/G ratio of 3.94 and a beta of 1.86. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business posted $0.30 earnings per share. AppLovin’s revenue for the quarter was up 38.6% compared to the same quarter last year. As a group, equities analysts expect that AppLovin Co. will post 4.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on APP. Wedbush reiterated an “outperform” rating and set a $270.00 target price (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Oppenheimer upped their price objective on AppLovin from $260.00 to $480.00 and gave the company an “outperform” rating in a research note on Monday. Macquarie raised their target price on AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. upped their price target on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $265.57.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.