US Bancorp DE Decreases Stock Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• US Bancorp DE has reduced its holdings in AppLovin Corporation by 16.1%, owning 36,812 shares worth approximately $9.75 million after selling 7,058 shares during the 1st quarter.
• Analyst ratings on AppLovin show a consensus of "Moderate Buy" with price targets ranging from $405 to $470, indicating positive sentiment towards the stock.
• Significant insider activity includes CTO Vasily Shikin and Director Herald Y. Chen selling substantial amounts of stock, reflecting a decrease in their ownership by 32.91% and 64.39% respectively.

US Bancorp DE lowered its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 16.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,812 shares of the company's stock after selling 7,058 shares during the quarter. US Bancorp DE's holdings in AppLovin were worth $9,754,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APP. FMR LLC grew its position in AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after buying an additional 5,957,885 shares during the last quarter. Dynasty Wealth Management LLC lifted its holdings in AppLovin by 117,664.4% in the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after acquiring an additional 2,700,399 shares during the period. Capital World Investors acquired a new stake in AppLovin in the fourth quarter valued at $421,470,000. Invesco Ltd. lifted its holdings in AppLovin by 68.0% in the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock valued at $977,639,000 after acquiring an additional 1,222,074 shares during the period. Finally, Baillie Gifford & Co. lifted its holdings in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the period. Institutional investors and hedge funds own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. This trade represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 400,000 shares of the firm's 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 owned 221,209 shares in the company, valued at $82,867,103.49. The trade was a 64.39% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Trading Up 0.2%

APP traded up $0.93 during midday trading on Wednesday, hitting $378.86. The company's stock had a trading volume of 2,440,564 shares, compared to its average volume of 7,048,361. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The firm has a market cap of $128.20 billion, a P/E ratio of 68.53, a PEG ratio of 2.35 and a beta of 2.43. The firm has a 50-day moving average price of $364.21 and a two-hundred day moving average price of $338.23. AppLovin Corporation has a 52-week low of $66.16 and a 52-week high of $525.15.

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

Wall Street Analysts Forecast Growth

APP has been the subject of a number of recent analyst reports. Piper Sandler reissued an "overweight" rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a report on Thursday, June 26th. HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Jefferies Financial Group lifted their price target on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. lifted their price target on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and an average price target of $447.57.

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.