Truist Financial Corp Sells 5,066 Shares of AppLovin Co. (NASDAQ:APP)

Truist Financial Corp trimmed its holdings in AppLovin Co. (NASDAQ:APP) by 13.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 33,608 shares of the company’s stock after selling 5,066 shares during the period. Truist Financial Corp’s holdings in AppLovin were worth $10,883,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of APP. FMR LLC increased its holdings in AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares in the last quarter. Baillie Gifford & Co. increased its holdings in AppLovin by 5,421.4% in the 4th 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 bought a new stake in AppLovin in the 4th quarter worth about $414,462,000. WCM Investment Management LLC increased its holdings in AppLovin by 10.5% in the 3rd 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 increased its holdings in AppLovin by 31.3% in the 3rd 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. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company lifted their price objective on AppLovin from $360.00 to $366.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Loop Capital raised their target price on AppLovin from $450.00 to $650.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group raised their target price on AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Citigroup raised their target price on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $442.18.

AppLovin Stock Performance

NASDAQ:APP opened at $450.01 on Friday. The company has a market cap of $151.02 billion, a price-to-earnings ratio of 99.12, a PEG ratio of 3.61 and a beta of 2.30. 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’s 50 day simple moving average is $363.77 and its two-hundred day simple moving average is $240.83. AppLovin Co. has a 1 year low of $54.50 and a 1 year high of $525.15.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating 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 analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Activity

In other AppLovin news, 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 transaction, the chief financial officer now owns 207,649 shares of the company’s stock, valued at $76,032,757.84. This represents a 0.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 500 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $406.27, for a total value of $203,135.00. Following the completion of the transaction, the director now directly owns 6,684 shares in the company, valued at $2,715,508.68. This trade represents a 6.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 196,302 shares of company stock valued at $65,305,354. 14.69% of the stock is currently owned by 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.