Principal Financial Group Inc. Has $21.37 Million Stock Position in AppLovin Co. (NASDAQ:APP)

Principal Financial Group Inc. cut its stake in shares of AppLovin Co. (NASDAQ:APP) by 8.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 163,719 shares of the company’s stock after selling 15,395 shares during the quarter. Principal Financial Group Inc.’s holdings in AppLovin were worth $21,374,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. DT Investment Partners LLC acquired a new position in AppLovin in the 3rd quarter worth about $27,000. Raleigh Capital Management Inc. bought a new position in AppLovin in the 3rd quarter valued at approximately $29,000. Quest Partners LLC acquired a new stake in AppLovin during the 2nd quarter worth approximately $33,000. Oliver Lagore Vanvalin Investment Group bought a new stake in AppLovin during the 2nd quarter worth approximately $34,000. Finally, Covestor Ltd increased its position in AppLovin by 85.8% in the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after acquiring an additional 236 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and upped their price target for the company from $103.00 to $150.00 in a research report on Monday, October 14th. Macquarie raised their price objective on AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Wedbush reiterated an “outperform” rating and issued a $270.00 target price (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Finally, Loop Capital increased their target price on shares of AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $194.31.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now owns 10,247 shares of the company’s stock, valued at $900,711.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 14,166 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the transaction, the insider now directly owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 404,866 shares of company stock valued at $34,670,777. Corporate insiders own 14.69% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $283.96 on Thursday. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $292.86. The stock’s 50 day moving average is $147.16 and its 200-day moving average is $104.56. 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 firm has a market capitalization of $94.91 billion, a price-to-earnings ratio of 85.84, a PEG ratio of 3.56 and a beta of 1.86.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. The firm 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 business’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period last year, the firm earned $0.30 earnings per share. Sell-side analysts forecast that AppLovin Co. will post 4.06 EPS for the current fiscal 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.