Comerica Bank Reduces Stock Holdings in AppLovin Corporation $APP

Key Points

• Comerica Bank trimmed its stake in AppLovin by 8.9% in Q4, selling 4,650 shares and leaving it with 47,486 shares valued at about $31.997 million per its recent Form 13F filing.
• Company insiders sold sizable positions in March — CTO Vasily Shikin sold 62,804 shares and CEO Arash Foroughi sold 50,000 shares — with insiders offloading 365,244 shares worth $169.6 million in the quarter (insiders now own 13.66%).
• Analysts are broadly positive: MarketBeat shows a consensus rating of "Moderate Buy" with an average price target of $673.25, and AppLovin recently beat Q4 estimates with $3.24 EPS, $1.66B revenue (up 66% YoY) and a 57.4% net margin.

Comerica Bank trimmed its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 8.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,486 shares of the company's stock after selling 4,650 shares during the period. Comerica Bank's holdings in AppLovin were worth $31,997,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Board of the Pension Protection Fund bought a new position in shares of AppLovin in the fourth quarter worth about $27,000. Chilton Capital Management LLC bought a new position in shares of AppLovin in the third quarter worth about $29,000. Activest Wealth Management raised its stake in shares of AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company's stock worth $31,000 after buying an additional 38 shares during the period. CBIZ Investment Advisory Services LLC raised its stake in shares of AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after buying an additional 17 shares during the period. Finally, Bogart Wealth LLC raised its stake in shares of AppLovin by 100.0% in the third quarter. Bogart Wealth LLC now owns 48 shares of the company's stock worth $34,000 after buying an additional 24 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on APP. Weiss Ratings downgraded AppLovin from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, March 10th. Argus began coverage on AppLovin in a research note on Tuesday, April 14th. They set a "buy" rating and a $520.00 target price on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, February 12th. Arete Research set a $340.00 target price on AppLovin and gave the company a "neutral" rating in a research note on Monday, March 2nd. Finally, Morgan Stanley set a $720.00 target price on AppLovin in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $673.25.

AppLovin Stock Performance

NASDAQ APP opened at $460.29 on Tuesday. The stock has a market capitalization of $155.25 billion, a PE ratio of 47.21, a P/E/G ratio of 0.78 and a beta of 2.50. The business has a 50 day simple moving average of $434.85 and a two-hundred day simple moving average of $538.41. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.32. AppLovin Corporation has a 1-year low of $246.00 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.35. The business had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.61 billion. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The firm's revenue for the quarter was up 66.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 EPS. On average, research analysts predict that AppLovin Corporation will post 15.72 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the completion of the transaction, the chief technology officer owned 3,255,273 shares in the company, valued at $1,583,462,445.39. This trade represents a 1.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Arash Adam Foroughi sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares of the company's stock, valued at $1,155,972,140.56. This represents a 1.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 365,244 shares of company stock worth $169,584,607 in the last quarter. 13.66% of the stock is owned by corporate insiders.

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.

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