Truist Financial Corp Grows Position in AppLovin Co. (NASDAQ:APP)

Truist Financial Corp increased its position in AppLovin Co. (NASDAQ:APP) by 510.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,697 shares of the company’s stock after purchasing an additional 23,163 shares during the period. Truist Financial Corp’s holdings in AppLovin were worth $2,305,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of AppLovin by 9,470.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock worth $17,336,000 after buying an additional 248,022 shares during the last quarter. Gulf International Bank UK Ltd purchased a new position in shares of AppLovin in the 1st quarter worth about $1,131,000. Acadian Asset Management LLC boosted its stake in AppLovin by 2,081.4% in the 1st quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after purchasing an additional 15,590 shares in the last quarter. Janney Montgomery Scott LLC grew its position in AppLovin by 167.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after purchasing an additional 10,099 shares during the last quarter. Finally, Sei Investments Co. increased its stake in AppLovin by 77.0% during the 2nd quarter. Sei Investments Co. now owns 515,665 shares of the company’s stock valued at $42,914,000 after purchasing an additional 224,306 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Oppenheimer reiterated an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Citigroup lifted their target price on AppLovin from $110.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Benchmark upped their price target on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Macquarie reissued an “outperform” rating and issued a $150.00 target price (up previously from $115.00) on shares of AppLovin in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group raised their price target on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $106.44.

AppLovin Price Performance

NASDAQ APP opened at $144.84 on Friday. The business’s fifty day moving average is $103.13 and its 200 day moving average is $87.01. AppLovin Co. has a fifty-two week low of $34.45 and a fifty-two week high of $145.68. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $47.65 billion, a PE ratio of 86.21, a price-to-earnings-growth ratio of 1.82 and a beta of 1.92.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $0.22 EPS. The firm’s revenue was up 44.0% on a year-over-year basis. Sell-side analysts predict that AppLovin Co. will post 3.46 earnings per share for the current year.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Victoria Valenzuela sold 14,166 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares in the company, valued at approximately $31,728,387.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 229,200 shares of AppLovin stock in a transaction on Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the completion of the sale, the director now owns 7,412,475 shares in the company, valued at approximately $640,067,216.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 610,094 shares of company stock worth $51,022,478. 14.69% of the stock is owned by corporate insiders.

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.