Truist Financial Corp Cuts Holdings in AppLovin Corporation $APP

Key Points

• Truist Financial Corp reduced its holdings in AppLovin Corporation by 4.9%, owning 33,476 shares valued at approximately $11.72 million after selling 1,720 shares in the second quarter.
• Several analysts have upgraded their ratings for AppLovin, with Morgan Stanley raising its price target significantly from $480 to $750, indicating strong market confidence in the stock's future performance.
• Insiders, including Director Herald Y. Chen, sold a significant amount of shares recently, with Chen selling 200,000 shares for about $86.5 million, suggesting market activity within the company's leadership.

Truist Financial Corp decreased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 4.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,476 shares of the company's stock after selling 1,720 shares during the period. Truist Financial Corp's holdings in AppLovin were worth $11,719,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vestcor Inc grew its position in AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company's stock worth $1,088,000 after acquiring an additional 33 shares in the last quarter. Fortitude Family Office LLC grew its position in AppLovin by 32.7% in the second quarter. Fortitude Family Office LLC now owns 138 shares of the company's stock worth $48,000 after acquiring an additional 34 shares in the last quarter. GSG Advisors LLC grew its position in AppLovin by 0.3% in the first quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock worth $2,820,000 after acquiring an additional 35 shares in the last quarter. Argentarii LLC grew its position in AppLovin by 1.5% in the first quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after acquiring an additional 40 shares in the last quarter. Finally, Atlas Capital Advisors Inc. grew its position in AppLovin by 11.3% in the first quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock worth $104,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on APP. Morgan Stanley lifted their price target on AppLovin from $480.00 to $750.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. Weiss Ratings reissued a "buy (b-)" rating on shares of AppLovin in a research note on Saturday, September 27th. BTIG Research raised their price objective on shares of AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Phillip Securities raised shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. Finally, Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $578.86.

Insider Buying and Selling

In related news, Director Herald Y. Chen sold 200,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares of the company's stock, valued at $78,682,473.21. The trade was a 52.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the business's 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 completion of the transaction, the chief technology officer directly owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 over the last ninety days. Company insiders own 13.66% of the company's stock.

AppLovin Stock Performance

AppLovin stock opened at $682.76 on Friday. The company has a 50 day moving average price of $514.58 and a 200-day moving average price of $391.46. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin Corporation has a fifty-two week low of $135.50 and a fifty-two week high of $745.61. The company has a market capitalization of $230.94 billion, a PE ratio of 96.98, a P/E/G ratio of 3.74 and a beta of 2.53.

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

About AppLovin

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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