Fifth Third Bancorp Increases Position in AppLovin Corporation $APP

Fifth Third Bancorp boosted its holdings in AppLovin Corporation (NASDAQ:APP) by 662.1% in the first quarter, HoldingsChannel reports. The firm owned 46,665 shares of the company’s stock after purchasing an additional 40,542 shares during the period. Fifth Third Bancorp’s holdings in AppLovin were worth $18,573,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of APP. Revolve Wealth Partners LLC acquired a new stake in shares of AppLovin during the fourth quarter worth approximately $294,000. Bison Wealth LLC bought a new position in AppLovin during the 4th quarter valued at $239,000. Integrated Wealth Concepts LLC boosted its stake in AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after acquiring an additional 621 shares during the last quarter. NewEdge Advisors LLC grew its holdings in AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock worth $5,084,000 after acquiring an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock worth $48,727,000 after acquiring an additional 9,380 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on APP. Morgan Stanley restated an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. UBS Group lowered their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Benchmark reiterated a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Finally, Citigroup reissued a “buy” rating on shares of AppLovin in a research report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

AppLovin Stock Performance

Shares of APP stock opened at $442.85 on Tuesday. AppLovin Corporation has a 52 week low of $342.11 and a 52 week high of $745.61. The company has a market cap of $148.77 billion, a P/E ratio of 38.05, a PEG ratio of 0.82 and a beta of 2.49. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The business has a 50 day moving average of $509.09 and a two-hundred day moving average of $495.49.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm’s revenue was up 58.9% compared to the same quarter last year. During the same period last year, the firm earned $1.67 EPS. As a group, analysts anticipate that AppLovin Corporation will post 15.93 EPS for the current year.

AppLovin News Roundup

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Wells Fargo raised its price target on AppLovin to $575 from $571 and kept an Overweight rating, reinforcing a constructive long-term view on the stock. Wells Fargo Raises PT on AppLovin (APP) Stock
• Positive Sentiment: Some market commentary said the pullback in APP looks “overdone,” suggesting investors may be overreacting to short-term concerns around the e-commerce expansion. AppLovin’s Ecommerce Growth Soft In June, Says BofA Citing Third-Party Data – Retail Views Current Selloff In APP Stock ‘Overdone’
• Neutral Sentiment: AppLovin continues to be discussed as an AI-driven ad tech company expanding beyond mobile gaming into e-commerce advertising, which remains a longer-term strategic theme. How AppLovin (APP) Is Using AI to Expand Beyond Mobile Gaming Into E-Commerce Advertising
• Negative Sentiment: Analyst notes and media coverage point to softer June e-commerce ad growth and weakness in mobile game ad checks, raising questions about near-term momentum in AppLovin’s ad business. AppLovin stock slides after analyst note on e-commerce ads rollout
• Negative Sentiment: The stock also appears to be getting hit by a broader rotation out of high-beta growth names, amplifying the decline beyond company-specific news. Applovin Stock Is Trending: A Key Level Just Came Into Play

Insider Buying and Selling

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the transaction, the director owned 120,444 shares in the company, valued at approximately $62,786,252.76. This trade represents a 2.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 393,000 shares of company stock worth $197,297,363 in the last ninety days. Insiders own 13.66% of the company’s stock.

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.