AppLovin Corporation (NASDAQ:APP) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,817 shares of the company's stock after selling 2,551 shares during the period. M&T Bank Corp's holdings in AppLovin were worth $9,226,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin in the 4th quarter valued at about $25,000. Tucker Asset Management LLC purchased a new position in shares of AppLovin in the 4th quarter valued at about $28,000. Atala Financial Inc purchased a new position in shares of AppLovin in the 1st quarter valued at about $26,000. ORG Wealth Partners LLC acquired a new stake in AppLovin in the first quarter valued at $29,000. Finally, Alpine Bank Wealth Management acquired a new stake in AppLovin in the first quarter valued at $27,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APP has been the topic of a number of analyst reports. Oppenheimer restated an "outperform" rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their price target on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Wells Fargo & Company raised their price target on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Benchmark restated a "buy" rating and issued a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Finally, Loop Capital restated a "buy" rating and issued a $650.00 price target on shares of AppLovin in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Stock Performance

APP stock traded down $11.22 during trading on Friday, hitting $335.10. The company had a trading volume of 3,575,879 shares, compared to its average volume of 6,254,586. The firm has a market cap of $113.39 billion, a PE ratio of 60.49, a price-to-earnings-growth ratio of 2.00 and a beta of 2.42. AppLovin Corporation has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a 50-day moving average price of $358.23 and a 200-day moving average price of $334.28. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 EPS. On average, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer owned 70,889 shares in the company, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the sale, the director directly owned 221,209 shares in the company, valued at $82,867,103.49. This represents a 64.39% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company's stock.

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.