AppLovin Corporation $APP Shares Bought by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group more than doubled its stake in AppLovin in the fourth quarter, raising holdings by 113% to 37,579 shares valued at about $25.3 million.
• AppLovin reported strong first-quarter results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping forecasts; revenue was up 58.9% year over year.
• Despite recent insider selling, analysts remain broadly bullish on the stock, with a consensus rating of Moderate Buy and an average price target of $664.35.

PNC Financial Services Group Inc. raised its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 113.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,579 shares of the company's stock after acquiring an additional 19,934 shares during the period. PNC Financial Services Group Inc.'s holdings in AppLovin were worth $25,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of APP. Vanguard Group Inc. boosted its stake in AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company's stock valued at $17,930,776,000 after acquiring an additional 7,051,663 shares in the last quarter. State Street Corp boosted its stake in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares in the last quarter. Jennison Associates LLC boosted its stake in AppLovin by 55.2% in the third quarter. Jennison Associates LLC now owns 3,886,150 shares of the company's stock valued at $2,792,355,000 after acquiring an additional 1,381,970 shares in the last quarter. Capital Research Global Investors acquired a new position in AppLovin in the third quarter valued at $743,899,000. Finally, Northern Trust Corp boosted its stake in AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after acquiring an additional 756,660 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,480,414 shares of the company's stock, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares of the company's stock, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 365,244 shares of company stock valued at $169,584,607 in the last ninety days. Corporate insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. BTIG Research reiterated a "buy" rating and set a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Argus assumed coverage on shares of AppLovin in a research note on Tuesday, April 14th. They set a "buy" rating and a $520.00 target price for the company. Wells Fargo & Company increased their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Benchmark reiterated a "buy" rating on shares of AppLovin in a research note on Friday, March 6th. Finally, Scotiabank increased their target price on shares of AppLovin from $750.00 to $775.00 and gave the stock an "outperform" rating in a research note on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and a consensus target price of $664.35.

AppLovin Trading Down 0.9%

Shares of APP stock opened at $481.68 on Friday. The business's fifty day moving average price is $446.31 and its 200 day moving average price is $523.95. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The firm has a market capitalization of $161.82 billion, a PE ratio of 41.38, a P/E/G ratio of 0.79 and a beta of 2.37. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the company posted $1.67 earnings per share. AppLovin's quarterly revenue was up 58.9% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

AppLovin 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.

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