US Bancorp DE lowered its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 9.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,440 shares of the company's stock after selling 3,372 shares during the quarter. US Bancorp DE's holdings in AppLovin were worth $11,707,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of APP. Hilltop National Bank acquired a new stake in shares of AppLovin during the second quarter worth $26,000. Atala Financial Inc acquired a new position in AppLovin during the first quarter worth approximately $26,000. Hoey Investments Inc. purchased a new position in AppLovin during the second quarter worth approximately $35,000. Trust Co. of Vermont acquired a new position in shares of AppLovin in the 2nd quarter valued at $35,000. Finally, ORG Wealth Partners LLC purchased a new stake in shares of AppLovin during the 1st quarter valued at $29,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.
AppLovin Price Performance
Shares of NASDAQ APP opened at $569.89 on Friday. AppLovin Corporation has a fifty-two week low of $139.40 and a fifty-two week high of $745.61. The business has a 50 day moving average price of $537.64 and a two-hundred day moving average price of $401.07. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market cap of $192.77 billion, a PE ratio of 80.95, a price-to-earnings-growth ratio of 3.09 and a beta of 2.53.
AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The business's revenue was up 77.1% compared to the same quarter last year. Sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on APP. Wells Fargo & Company set a $860.00 price objective on AppLovin in a research note on Wednesday. Scotiabank reissued an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Piper Sandler increased their price target on AppLovin from $500.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, September 26th. Wall Street Zen downgraded AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and an average target price of $597.38.
View Our Latest Stock Analysis on AppLovin
Insider Transactions at AppLovin
In related news, CEO Arash Adam Foroughi sold 90,000 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the sale, the chief executive officer owned 2,620,054 shares of the company's stock, valued at $1,103,147,536.16. This represents a 3.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last quarter. Insiders own 13.66% of the company's stock.
AppLovin Company Profile
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Free Report)
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.
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