Truist Financial Corp Cuts Stock Holdings in AppLovin Co. (NASDAQ:APP)

Truist Financial Corp decreased its holdings in shares of AppLovin Co. (NASDAQ:APP) by 13.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,608 shares of the company’s stock after selling 5,066 shares during the quarter. Truist Financial Corp’s holdings in AppLovin were worth $10,883,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of APP. FMR LLC grew its holdings in shares of AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after purchasing an additional 6,801,138 shares in the last quarter. Baillie Gifford & Co. boosted its stake in AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after buying an additional 4,010,520 shares in the last quarter. Jennison Associates LLC purchased a new stake in AppLovin in the fourth quarter worth approximately $414,462,000. WCM Investment Management LLC boosted its stake in AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after buying an additional 1,029,009 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in AppLovin by 31.3% in the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after buying an additional 560,560 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Herald Y. Chen sold 400 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $366.16, for a total value of $146,464.00. Following the completion of the sale, the chief financial officer now directly owns 207,649 shares in the company, valued at approximately $76,032,757.84. The trade was a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 196,302 shares of company stock valued at $65,305,354 over the last ninety days. Company insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

APP has been the subject of several research reports. Loop Capital upped their target price on AppLovin from $450.00 to $650.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup upped their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday. Benchmark boosted their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Bank of America boosted their price objective on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company boosted their price objective on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $442.18.

AppLovin Price Performance

Shares of AppLovin stock opened at $450.01 on Friday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market cap of $151.02 billion, a PE ratio of 99.12, a P/E/G ratio of 3.61 and a beta of 2.30. The business has a 50 day moving average of $363.77 and a 200 day moving average of $240.83. AppLovin Co. has a 52 week low of $54.50 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP) last issued 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.

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.