Keybank National Association OH Cuts Stock Position in AppLovin Corporation $APP

Keybank National Association OH cut its position in shares of AppLovin Corporation (NASDAQ:APP) by 45.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,558 shares of the company’s stock after selling 1,324 shares during the period. Keybank National Association OH’s holdings in AppLovin were worth $545,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Hilltop National Bank purchased a new stake in AppLovin in the second quarter worth approximately $26,000. SouthState Corp bought a new stake in shares of AppLovin in the 1st quarter worth approximately $29,000. Cornerstone Planning Group LLC lifted its holdings in shares of AppLovin by 428.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the company’s stock worth $33,000 after acquiring an additional 107 shares during the last quarter. Hoey Investments Inc. purchased a new stake in shares of AppLovin in the 2nd quarter valued at $35,000. Finally, Trust Co. of Vermont bought a new position in shares of AppLovin during the 2nd quarter valued at $35,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Eduardo Vivas sold 125,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total value of $58,250,000.00. Following the completion of the sale, the director directly owned 7,283,292 shares of the company’s stock, valued at approximately $3,394,014,072. This trade represents a 1.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $432.49, for a total transaction of $86,498,000.00. Following the transaction, the director owned 181,929 shares in the company, valued at $78,682,473.21. This represents a 52.37% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,156,788 shares of company stock worth $514,863,333. Company insiders own 13.66% of the company’s stock.

AppLovin Price Performance

APP opened at $608.68 on Wednesday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a market capitalization of $205.89 billion, a PE ratio of 86.46, a price-to-earnings-growth ratio of 3.43 and a beta of 2.50. The stock’s 50 day moving average price is $596.21 and its 200-day moving average price is $445.26. AppLovin Corporation has a 52-week low of $160.52 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.89 earnings per share. On average, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Wall Street Analysts Forecast Growth

APP has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Citigroup lifted their price objective on AppLovin from $600.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Oppenheimer set a $740.00 target price on AppLovin in a report on Tuesday, October 7th. UBS Group raised their target price on shares of AppLovin from $540.00 to $810.00 and gave the stock a “buy” rating in a report on Friday, September 26th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.39.

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.