PNC Financial Services Group Inc. Buys 912 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• PNC Financial Services Group Inc. increased its stake in AppLovin Corporation by 11.1% to a total of 9,094 shares, valued at approximately $2.41 million.
• Wall Street analysts have mixed views on AppLovin, with recommendations ranging from buy and outperform to a hold, resulting in an average target price of $472.33.
• Insider trading activity raises eyebrows as Director Herald Y. Chen sold 400,000 shares for nearly $150 million, significantly reducing their ownership position.

PNC Financial Services Group Inc. grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 11.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,094 shares of the company's stock after buying an additional 912 shares during the quarter. PNC Financial Services Group Inc.'s holdings in AppLovin were worth $2,410,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of APP. Revolve Wealth Partners LLC bought a new stake in shares of AppLovin during the fourth quarter worth $294,000. Wedbush Securities Inc. bought a new stake in shares of AppLovin during the fourth quarter worth $236,000. Bank of Nova Scotia lifted its holdings in shares of AppLovin by 14.5% during the fourth quarter. Bank of Nova Scotia now owns 4,470 shares of the company's stock worth $1,448,000 after purchasing an additional 565 shares during the period. APG Asset Management N.V. lifted its holdings in shares of AppLovin by 3.2% during the fourth quarter. APG Asset Management N.V. now owns 11,080 shares of the company's stock worth $3,465,000 after purchasing an additional 347 shares during the period. Finally, Scotia Capital Inc. acquired a new position in shares of AppLovin during the fourth quarter worth $387,000. Institutional investors own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on APP. Wedbush reiterated an "outperform" rating and set a $620.00 price target on shares of AppLovin in a report on Thursday. Jefferies Financial Group lifted their price target on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wall Street Zen lowered shares of AppLovin from a "buy" rating to a "hold" rating in a report on Saturday. BTIG Research lifted their price target on shares of AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Finally, Oppenheimer restated an "outperform" rating and issued a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $472.33.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the transaction, the director directly owned 221,209 shares of the company's stock, valued at $82,867,103.49. This represents a 64.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer directly owned 2,760,363 shares of the company's stock, valued at $1,014,461,006.13. This represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock valued at $455,062,980 over the last quarter. 13.66% of the stock is currently owned by insiders.

AppLovin Trading Up 4.3%

Shares of APP stock opened at $455.98 on Friday. AppLovin Corporation has a 52-week low of $72.81 and a 52-week high of $525.15. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.68 and a current ratio of 2.74. The company has a 50-day simple moving average of $366.78 and a two-hundred day simple moving average of $340.06. The company has a market capitalization of $154.30 billion, a price-to-earnings ratio of 64.77, a PEG ratio of 2.60 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating 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 firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the firm earned $0.89 EPS. The company's revenue was up 77.1% compared to the same quarter last year. Research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.

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