PNC Financial Services Group Inc. Has $15.84 Million Stake in AppLovin Corporation $APP

PNC Financial Services Group Inc. raised its stake in AppLovin Corporation (NASDAQ:APP) by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,804 shares of the company’s stock after acquiring an additional 2,225 shares during the period. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $15,842,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS acquired a new stake in AppLovin during the 1st quarter valued at $44,000. DJE Kapital AG increased its stake in shares of AppLovin by 1,820.0% in the first quarter. DJE Kapital AG now owns 19,200 shares of the company’s stock valued at $7,269,000 after buying an additional 18,200 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of AppLovin in the first quarter worth about $25,000. Commerzbank Aktiengesellschaft FI grew its stake in shares of AppLovin by 7.9% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 3,028 shares of the company’s stock valued at $1,205,000 after purchasing an additional 222 shares during the last quarter. Finally, Meeder Advisory Services Inc. increased its holdings in shares of AppLovin by 5.8% in the first quarter. Meeder Advisory Services Inc. now owns 4,450 shares of the company’s stock valued at $1,771,000 after purchasing an additional 244 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 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 position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is currently owned by corporate insiders.

AppLovin Stock Down 1.7%

APP stock opened at $391.98 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market capitalization of $131.68 billion, a P/E ratio of 33.68, a P/E/G ratio of 0.65 and a beta of 2.49. AppLovin Corporation has a fifty-two week low of $357.03 and a fifty-two week high of $745.61. The business has a 50-day moving average of $498.97 and a 200-day moving average of $480.08.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 EPS. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. KeyCorp set a $775.00 target price on AppLovin in a research report on Wednesday, June 10th. Wedbush restated an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Citigroup reiterated a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Argus began coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 target price on the stock. Finally, Benchmark restated a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Company 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.