Truist Financial Corp purchased a new stake in shares of AppLovin Co. (NYSE:APP – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 31,224 shares of the company’s stock, valued at approximately $803,000.
Several other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System increased its stake in shares of AppLovin by 26.2% during the second quarter. Arizona State Retirement System now owns 42,868 shares of the company’s stock valued at $1,103,000 after buying an additional 8,906 shares during the period. Daiwa Securities Group Inc. bought a new stake in AppLovin during the second quarter valued at about $2,455,000. Duality Advisers LP bought a new stake in AppLovin during the second quarter valued at about $2,771,000. Vanguard Personalized Indexing Management LLC boosted its position in AppLovin by 22.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 22,001 shares of the company’s stock valued at $566,000 after purchasing an additional 4,012 shares in the last quarter. Finally, Shell Asset Management Co. bought a new stake in AppLovin during the second quarter valued at about $127,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on APP shares. Wedbush raised their price objective on AppLovin from $37.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday, August 10th. Bank of America raised their price objective on AppLovin from $41.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, September 14th. BTIG Research raised their price target on AppLovin from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, September 26th. Oppenheimer raised their price target on AppLovin from $25.00 to $45.00 in a report on Friday, August 11th. Finally, Credit Suisse Group raised their price target on AppLovin from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $41.38.
Insider Activity at AppLovin
In related news, major shareholder Denali Holdings L.P. Kkr sold 10,000,000 shares of AppLovin stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $37.00, for a total transaction of $370,000,000.00. Following the completion of the transaction, the insider now directly owns 19,644,896 shares in the company, valued at $726,861,152. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CMO Katie Kihorany Jansen sold 52,193 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $39.88, for a total value of $2,081,456.84. Following the completion of the sale, the chief marketing officer now directly owns 1,334,208 shares in the company, valued at $53,208,215.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Denali Holdings L.P. Kkr sold 10,000,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $37.00, for a total value of $370,000,000.00. Following the completion of the sale, the insider now owns 19,644,896 shares of the company’s stock, valued at $726,861,152. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,585,250 shares of company stock worth $946,944,090. 12.43% of the stock is owned by corporate insiders.
AppLovin Trading Up 3.7 %
AppLovin stock opened at $40.89 on Wednesday. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 2.09. AppLovin Co. has a 52 week low of $9.14 and a 52 week high of $44.89. The company has a market capitalization of $14.22 billion, a price-to-earnings ratio of 681.61, a price-to-earnings-growth ratio of 2.49 and a beta of 1.83. The stock has a 50-day moving average price of $39.86 and a 200 day moving average price of $31.35.
AppLovin (NYSE:APP – Get Free Report) last announced its quarterly earnings results on Wednesday, August 9th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.14. The company had revenue of $750.17 million during the quarter, compared to analysts’ expectations of $724.41 million. AppLovin had a return on equity of 5.51% and a net margin of 0.70%. AppLovin’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the business earned ($0.06) earnings per share. Sell-side analysts anticipate that AppLovin Co. will post 0.79 EPS for the current year.
AppLovin Company Profile
AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction; and Wurl, a connected TV platform, which primarily distributes streaming video for content companies.
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