Comerica Bank Decreases Position in AppLovin Corporation $APP

Key Points

• Comerica Bank has significantly reduced its stake in AppLovin Corporation by selling 90,880 shares, bringing its total ownership to approximately 49,955 shares valued at $13.24 million.
• Several institutional investors, including Synovus Financial Corp and Jump Financial LLC, have also adjusted their positions in AppLovin during the same period, indicating increased interest in the stock.
• AppLovin received mixed ratings from analysts, with 18 analysts giving a "Buy" rating and a consensus price target of $472.86, reflecting confidence despite recent share sales and earnings performance fluctuations.

Comerica Bank trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 64.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,955 shares of the company's stock after selling 90,880 shares during the quarter. Comerica Bank's holdings in AppLovin were worth $13,236,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Synovus Financial Corp bought a new stake in shares of AppLovin in the 1st quarter valued at about $924,000. ICONIQ Capital LLC grew its holdings in shares of AppLovin by 4,893.0% during the 1st quarter. ICONIQ Capital LLC now owns 40,793 shares of the company's stock worth $10,809,000 after acquiring an additional 39,976 shares during the period. Quantitative Investment Management LLC purchased a new position in shares of AppLovin during the 1st quarter worth approximately $7,559,000. Napa Wealth Management grew its holdings in shares of AppLovin by 67.9% during the 1st quarter. Napa Wealth Management now owns 2,023 shares of the company's stock worth $536,000 after acquiring an additional 818 shares during the period. Finally, Jump Financial LLC grew its stake in shares of AppLovin by 2,816.4% in the 1st quarter. Jump Financial LLC now owns 111,813 shares of the company's stock worth $29,627,000 after buying an additional 107,979 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other news, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the transaction, the director directly owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. This represents a 1.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total value of $92,938,000.00. Following the completion of the transaction, the director directly owned 381,929 shares in the company, valued at approximately $177,478,587.01. The trade was a 34.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,236,152 shares of company stock worth $545,240,378. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Trading Up 4.5%

NASDAQ APP traded up $20.81 during trading hours on Thursday, hitting $483.75. 5,893,324 shares of the company were exchanged, compared to its average volume of 6,618,987. The stock has a 50-day moving average price of $384.32 and a 200 day moving average price of $347.60. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. AppLovin Corporation has a 52 week low of $82.51 and a 52 week high of $525.15. The stock has a market cap of $163.63 billion, a PE ratio of 68.71, a price-to-earnings-growth ratio of 2.59 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.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 business earned $0.89 earnings per share. The company's revenue for the quarter was up 77.1% compared to the same quarter last year. Analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

APP has been the topic of several recent research reports. UBS Group upped their price target on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company raised their price target on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a research note on Thursday, August 21st. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. JPMorgan Chase & Co. lifted their target price on AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $478.81.

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.