PNC Financial Services Group Inc. Sells 755 Shares of AppLovin Co. (NASDAQ:APP)

PNC Financial Services Group Inc. reduced its position in AppLovin Co. (NASDAQ:APP) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,862 shares of the company’s stock after selling 755 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $1,150,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. FinTrust Capital Advisors LLC bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $32,000. Quarry LP bought a new stake in AppLovin in the fourth quarter valued at $44,000. GAMMA Investing LLC acquired a new position in AppLovin during the fourth quarter worth $47,000. Lindbrook Capital LLC lifted its holdings in shares of AppLovin by 26.6% during the fourth quarter. Lindbrook Capital LLC now owns 1,337 shares of the company’s stock valued at $53,000 after acquiring an additional 281 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in shares of AppLovin in the 3rd quarter valued at $59,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of APP stock opened at $78.58 on Monday. The firm’s 50 day moving average price is $78.03 and its two-hundred day moving average price is $61.54. The company has a debt-to-equity ratio of 4.59, a quick ratio of 2.11 and a current ratio of 2.11. AppLovin Co. has a 52-week low of $22.85 and a 52-week high of $88.50. The stock has a market cap of $25.85 billion, a PE ratio of 46.77, a PEG ratio of 1.30 and a beta of 1.88.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $973.70 million. During the same period last year, the company earned ($0.01) EPS. The firm’s revenue was up 47.9% on a year-over-year basis. As a group, analysts forecast that AppLovin Co. will post 2.96 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on APP. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday, May 9th. Citigroup increased their price target on AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Stifel Nicolaus lifted their price objective on AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. BTIG Research increased their target price on AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, Wedbush lifted their price target on AppLovin from $87.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $71.72.

Insider Activity at AppLovin

In related news, Director Craig Scott Billings sold 5,620 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $84.97, for a total value of $477,531.40. Following the completion of the sale, the director now owns 1,780 shares in the company, valued at approximately $151,246.60. The transaction was disclosed in a filing with the SEC, which is available through this link. In other AppLovin news, Director Craig Scott Billings sold 5,620 shares of AppLovin stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $84.97, for a total value of $477,531.40. Following the transaction, the director now owns 1,780 shares of the company’s stock, valued at $151,246.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $83.36, for a total transaction of $1,458,800,000.00. Following the sale, the insider now directly owns 366,567 shares of the company’s stock, valued at approximately $30,557,025.12. The disclosure for this sale can be found here. Insiders have sold 17,741,886 shares of company stock worth $1,478,219,330 in the last ninety days. Company insiders own 14.69% of the company’s stock.

AppLovin 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.