AppLovin Co. (NASDAQ:APP) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in AppLovin Co. (NASDAQ:APP) by 8.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 163,719 shares of the company’s stock after selling 15,395 shares during the period. Principal Financial Group Inc.’s holdings in AppLovin were worth $21,374,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of AppLovin by 13.1% during the second quarter. Bank of New York Mellon Corp now owns 964,068 shares of the company’s stock valued at $80,230,000 after purchasing an additional 111,718 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of AppLovin by 17.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 17,195 shares of the company’s stock worth $1,431,000 after acquiring an additional 2,566 shares in the last quarter. Strategic Blueprint LLC acquired a new stake in shares of AppLovin during the second quarter valued at approximately $229,000. Burney Co. purchased a new stake in shares of AppLovin in the 2nd quarter valued at approximately $338,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in AppLovin by 38.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,019 shares of the company’s stock worth $3,081,000 after purchasing an additional 10,306 shares during the period. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Down 0.9 %

Shares of APP stock opened at $341.83 on Thursday. AppLovin Co. has a one year low of $37.40 and a one year high of $417.64. 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 stock has a fifty day moving average price of $276.61 and a 200 day moving average price of $158.94. The stock has a market cap of $114.72 billion, a P/E ratio of 103.59, a price-to-earnings-growth ratio of 4.17 and a beta of 2.28.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm’s revenue was up 38.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.30 EPS. Analysts predict that AppLovin Co. will post 4.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on APP shares. Wedbush restated an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Jefferies Financial Group raised their price target on shares of AppLovin from $270.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. BTIG Research upped their price objective on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Sandler began coverage on shares of AppLovin in a research note on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price for the company. Finally, Citigroup raised their price target on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $310.71.

Insider Activity at AppLovin

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. The trade was a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction that occurred 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 owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 888,867 shares of company stock valued at $284,773,062 in the last 90 days. 14.69% of the stock is owned by corporate insiders.

AppLovin 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.