5,389 AppLovin Corporation $APP Shares Bought by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its AppLovin stake by 1,146.6% in the third quarter, purchasing 5,389 additional shares and bringing its total holdings to 5,859 shares valued at approximately $1.7 million.
• Other institutional investors also expanded their positions, and institutions collectively own 41.85% of AppLovin. The company recently reported 52.8% year-over-year revenue growth to $1.92 billion, while quarterly EPS of $3.76 matched analyst expectations.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $511.32, despite several firms recently lowering their targets. AppLovin shares opened at $279.29, near their 52-week low of $260.59 and well below the $738.01 high.

First Citizens Bank & Trust Co. grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 1,146.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,859 shares of the company's stock after acquiring an additional 5,389 shares during the period. First Citizens Bank & Trust Co.'s holdings in AppLovin were worth $1,702,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC increased its holdings in shares of AppLovin by 3,695.3% during the second quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company's stock valued at $39,345,000 after acquiring an additional 74,349 shares in the last quarter. Insight Wealth Strategies LLC purchased a new stake in AppLovin during the 2nd quarter valued at about $6,939,000. Generate Investment Management Ltd purchased a new stake in AppLovin during the 2nd quarter valued at about $7,226,000. Nykredit A S bought a new stake in AppLovin during the 2nd quarter valued at about $41,902,000. Finally, Saudi Central Bank increased its stake in AppLovin by 88.7% during the 2nd quarter. Saudi Central Bank now owns 16,070 shares of the company's stock valued at $8,280,000 after purchasing an additional 7,555 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

More AppLovin News

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Wedbush reported that advertiser checks showed spending remained steady during the third quarter, with potential e-commerce-driven growth in the fourth quarter. The firm views AppLovin as priced for market-share losses despite finding no clear evidence of that deterioration. AppLovin Q3 seen by Wedbush as key test of model update
• Positive Sentiment: AppLovin’s third-quarter earnings report, scheduled for November 4, provides a near-term catalyst. Its latest quarter showed revenue growth of approximately 53% year over year, supported by its advertising platform, while several institutional investors added shares in the second quarter. AppLovin rises as investors appear to buy the dip
• Positive Sentiment: Analysts continue to see substantial long-term upside. Wedbush maintained an “outperform” rating while lowering its price target to $560, citing a more achievable estimate baseline and potential upside from future execution. 3 Stocks That Prove the AI Trade Isn't Over

AppLovin Price Performance

NASDAQ APP opened at $279.29 on Friday. The business's fifty day moving average is $306.77 and its 200 day moving average is $412.28. AppLovin Corporation has a fifty-two week low of $260.59 and a fifty-two week high of $738.01. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. The company has a market capitalization of $93.46 billion, a PE ratio of 21.47, a price-to-earnings-growth ratio of 0.55 and a beta of 2.56.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $3.76 EPS for the quarter, hitting analysts' consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%. The business had revenue of $1.92 billion during the quarter, compared to analysts' expectations of $1.94 billion. During the same quarter in the prior year, the business posted $2.39 earnings per share. The business's quarterly revenue was up 52.8% on a year-over-year basis. Sell-side analysts predict that AppLovin Corporation will post 15.67 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Loop Capital decreased their price objective on shares of AppLovin from $860.00 to $600.00 and set a "buy" rating for the company in a report on Thursday, August 20th. Morgan Stanley cut their price target on AppLovin from $450.00 to $400.00 and set an "overweight" rating for the company in a research note on Tuesday. Citigroup reaffirmed a "buy" rating and set a $600.00 price target (down from $650.00) on shares of AppLovin in a research report on Friday, September 11th. Needham & Company LLC reaffirmed a "buy" rating and set a $475.00 price target on shares of AppLovin in a research report on Tuesday, October 6th. Finally, BTIG Research lowered their price objective on shares of AppLovin from $408.00 to $396.00 and set a "buy" rating on the stock in a research note on Tuesday, September 8th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $511.32.

About AppLovin

AppLovin Corporation is a technology company that provides software and services designed to help mobile application developers grow, monetize and analyze their businesses. Its platform supports user acquisition, advertising, in-app monetization and performance measurement for mobile apps.

The company's products include MAX, a software platform that helps developers manage in-app advertising and maximize advertising revenue, as well as AppDiscovery, which supports app marketing and user acquisition.

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