PNC Financial Services Group Inc. Buys 464 Shares of AppLovin Co. (NASDAQ:APP)

PNC Financial Services Group Inc. lifted its position in AppLovin Co. (NASDAQ:APP) by 6.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,182 shares of the company’s stock after purchasing an additional 464 shares during the period. PNC Financial Services Group Inc.’s holdings in AppLovin were worth $2,650,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. GHP Investment Advisors Inc. bought a new stake in shares of AppLovin in the 4th quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new stake in AppLovin during the third quarter worth $27,000. Riverview Trust Co lifted its holdings in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after buying an additional 82 shares during the period. Hemington Wealth Management boosted its position in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after acquiring an additional 40 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of AppLovin by 172.2% in the 4th quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after acquiring an additional 62 shares during the period. Institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on APP shares. Oppenheimer reiterated an “outperform” rating and issued a $560.00 target price (up from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Benchmark increased their target price on shares of AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Arete Research set a $200.00 target price on shares of AppLovin in a research note on Wednesday, March 5th. Jefferies Financial Group upped their price target on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, Piper Sandler raised their price objective on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $438.28.

AppLovin Stock Up 7.7 %

APP stock opened at $292.89 on Friday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm’s fifty day simple moving average is $357.00 and its 200-day simple moving average is $266.70. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a market capitalization of $99.57 billion, a P/E ratio of 64.51, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. As a group, equities research analysts forecast that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. This represents a 16.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of AppLovin stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the transaction, the insider now directly owns 372,205 shares of the company’s stock, valued at $116,526,219.35. The trade was a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 322,871 shares of company stock valued at $111,401,882 over the last ninety days. Company insiders own 14.69% of the company’s stock.

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.