Comerica Bank Acquires 4,690 Shares of AppLovin Co. (NASDAQ:APP)

Comerica Bank boosted its position in shares of AppLovin Co. (NASDAQ:APP) by 2.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 175,883 shares of the company’s stock after purchasing an additional 4,690 shares during the period. Comerica Bank owned about 0.05% of AppLovin worth $12,175,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp lifted its position 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 purchasing an additional 248,022 shares during the period. Gulf International Bank UK Ltd purchased a new stake in AppLovin during the first quarter valued at approximately $1,131,000. Acadian Asset Management LLC lifted its position in AppLovin by 2,081.4% during the first quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock valued at $1,127,000 after acquiring an additional 15,590 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in AppLovin by 167.0% during the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after acquiring an additional 10,099 shares during the last quarter. Finally, CWM LLC lifted its position in AppLovin by 16.3% during the fourth quarter. CWM LLC now owns 2,864 shares of the company’s stock valued at $114,000 after acquiring an additional 401 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Price Performance

APP traded down $1.63 during midday trading on Thursday, hitting $75.47. 1,833,765 shares of the company traded hands, compared to its average volume of 4,071,687. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 4.59. The company has a market capitalization of $24.83 billion, a price-to-earnings ratio of 45.89, a PEG ratio of 1.27 and a beta of 1.86. AppLovin Co. has a 52-week low of $28.99 and a 52-week high of $91.91. The business has a 50 day simple moving average of $81.46 and a two-hundred day simple moving average of $69.88.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $973.70 million. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The company’s revenue was up 47.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. On average, equities analysts forecast that AppLovin Co. will post 2.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on APP. Oppenheimer reaffirmed an “outperform” rating and issued a $97.00 price target on shares of AppLovin in a report on Thursday, June 13th. Jefferies Financial Group raised their price target on shares of AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Thursday, May 9th. Daiwa Capital Markets began coverage on shares of AppLovin in a report on Monday, April 15th. They issued a “neutral” rating and a $80.00 price target for the company. Finally, Stifel Nicolaus raised their price target on shares of AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $71.72.

Insider Activity at AppLovin

In other AppLovin news, CMO Katie Kihorany Jansen sold 147,984 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $82.29, for a total transaction of $12,177,603.36. Following the completion of the transaction, the chief marketing officer now owns 1,264,284 shares in the company, valued at approximately $104,037,930.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Kkr Group Partnership L.P. sold 17,500,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $83.36, for a total value of $1,458,800,000.00. Following the completion of the sale, the insider now owns 366,567 shares in the company, valued at approximately $30,557,025.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Katie Kihorany Jansen sold 147,984 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $82.29, for a total transaction of $12,177,603.36. Following the completion of the sale, the chief marketing officer now owns 1,264,284 shares of the company’s stock, valued at approximately $104,037,930.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,857,726 shares of company stock worth $1,489,251,374. Corporate insiders own 14.69% of the company’s stock.

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.