Principal Financial Group Inc. Increases Stock Position in AppLovin Corporation (NASDAQ:APP)

Principal Financial Group Inc. boosted its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 33.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 78,928 shares of the company's stock after acquiring an additional 19,822 shares during the quarter. Principal Financial Group Inc.'s holdings in AppLovin were worth $20,914,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin during the 4th quarter worth approximately $25,000. Atala Financial Inc bought a new position in shares of AppLovin during the 1st quarter worth approximately $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin during the 1st quarter worth approximately $27,000. Tucker Asset Management LLC bought a new position in shares of AppLovin during the 4th quarter worth approximately $28,000. Finally, ORG Wealth Partners LLC bought a new position in shares of AppLovin during the 1st quarter worth approximately $29,000. Institutional investors own 41.85% of the company's stock.

Insider Activity at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 171,420 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the transaction, the director owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. This trade represents a 43.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director 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. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 over the last ninety days. Corporate insiders own 13.66% of the company's stock.

AppLovin Trading Down 3.2%

Shares of NASDAQ:APP traded down $11.22 during midday trading on Friday, hitting $335.10. 3,575,879 shares of the stock traded hands, compared to its average volume of 6,254,586. The stock has a market capitalization of $113.39 billion, a PE ratio of 60.49, a P/E/G ratio of 2.00 and a beta of 2.42. The business's 50 day moving average is $358.23 and its two-hundred day moving average is $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 Corporation has a one year low of $60.67 and a one year high of $525.15.

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

Analyst Upgrades and Downgrades

APP has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. UBS Group boosted their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Wedbush upgraded AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. Benchmark restated a "buy" rating and issued a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. boosted their target price on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

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.