Synovus Financial Corp Invests $924,000 in AppLovin Corporation $APP

Key Points

• Synovus Financial Corp has acquired a new stake in AppLovin Corporation, purchasing 3,488 shares valued at approximately $924,000 in Q1.
• Various institutional investors have also increased their holdings in AppLovin, which now sees 41.85% of its stock owned by institutional shareholders.
• AppLovin's stock has received multiple price target upgrades from analysts, with Goldman Sachs setting a new target of $435.00 and Morgan Stanley at $480.00, indicating positive market sentiment despite recent earnings misses.

Synovus Financial Corp acquired a new position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,488 shares of the company's stock, valued at approximately $924,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Forum Financial Management LP boosted its holdings in AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares during the period. Vestcor Inc boosted its holdings in AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after acquiring an additional 33 shares during the period. GSG Advisors LLC boosted its holdings in AppLovin by 0.3% during the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after acquiring an additional 35 shares during the period. Argentarii LLC boosted its holdings in AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock valued at $699,000 after acquiring an additional 40 shares during the period. Finally, Atlas Capital Advisors Inc. boosted its holdings in AppLovin by 11.3% during the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after acquiring an additional 40 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of AppLovin stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the transaction, the chief technology officer owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $464.69, for a total value of $92,938,000.00. Following the transaction, the director directly owned 381,929 shares in the company, valued at approximately $177,478,587.01. This trade represents a 34.37% decrease in their position. The disclosure for this sale can be found here. In 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 Stock Down 1.1%

APP stock traded down $5.16 during trading on Friday, hitting $478.59. 5,135,135 shares of the company's stock were exchanged, compared to its average volume of 6,516,874. The business has a 50-day moving average price of $387.40 and a two-hundred day moving average price of $348.32. The stock has a market capitalization of $161.88 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 2.70 and a beta of 2.43. AppLovin Corporation has a 52-week low of $82.51 and a 52-week high of $525.15. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm's revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 earnings per share. As a group, equities research analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on APP. Morgan Stanley raised their target price on AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Benchmark reiterated a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. BTIG Research lifted their price objective on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Wedbush reiterated an "outperform" rating and issued a $620.00 price objective on shares of AppLovin in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $478.81.

AppLovin Company 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.