Digital Turbine, Inc. (NASDAQ:APPS) Shares Sold by Principal Financial Group Inc.

Posted by on May 28th, 2023

Principal Financial Group Inc. lowered its position in Digital Turbine, Inc. (NASDAQ:APPS – Get Rating) by 0.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 555,548 shares of the software maker’s stock after selling 2,515 shares during the quarter. Principal Financial Group Inc. owned about 0.56% of Digital Turbine worth $8,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Rice Hall James & Associates LLC acquired a new stake in Digital Turbine in the 1st quarter valued at approximately $21,530,000. Raymond James & Associates increased its holdings in shares of Digital Turbine by 37.6% during the first quarter. Raymond James & Associates now owns 53,074 shares of the software maker’s stock valued at $2,325,000 after purchasing an additional 14,493 shares during the period. American Century Companies Inc. raised its stake in shares of Digital Turbine by 39.4% during the first quarter. American Century Companies Inc. now owns 27,009 shares of the software maker’s stock valued at $1,183,000 after purchasing an additional 7,634 shares in the last quarter. Cetera Advisor Networks LLC acquired a new stake in Digital Turbine in the first quarter worth about $324,000. Finally, Rhumbline Advisers grew its position in Digital Turbine by 3.4% in the 1st quarter. Rhumbline Advisers now owns 239,498 shares of the software maker’s stock valued at $10,492,000 after buying an additional 7,843 shares in the last quarter. Institutional investors own 62.45% of the company’s stock.

Digital Turbine Trading Up 10.7 %

NASDAQ:APPS opened at $9.11 on Friday. The stock has a fifty day simple moving average of $12.07 and a 200 day simple moving average of $13.90. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $903.71 million, a price-to-earnings ratio of 56.94, a price-to-earnings-growth ratio of 0.88 and a beta of 2.47. Digital Turbine, Inc. has a 1-year low of $7.72 and a 1-year high of $27.03.

Wall Street Analyst Weigh In

A number of analysts have commented on APPS shares. Oppenheimer downgraded shares of Digital Turbine from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 9th. StockNews.com started coverage on Digital Turbine in a research note on Thursday, May 18th. They set a “sell” rating for the company. B. Riley dropped their price objective on Digital Turbine from $12.00 to $9.00 and set a “neutral” rating on the stock in a research note on Monday, March 13th. Macquarie cut Digital Turbine from an “outperform” rating to a “neutral” rating and set a $12.00 target price for the company. in a research note on Friday, February 17th. Finally, Bank of America dropped their price target on shares of Digital Turbine from $16.00 to $13.00 in a research report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.71.

Insiders Place Their Bets

In other news, Director Robert M. Deutschman purchased 15,000 shares of the business’s stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $9.80 per share, for a total transaction of $147,000.00. Following the completion of the acquisition, the director now directly owns 289,017 shares of the company’s stock, valued at $2,832,366.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO William Gordon Stone III sold 36,025 shares of Digital Turbine stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $10.75, for a total transaction of $387,268.75. Following the transaction, the chief executive officer now owns 1,682,789 shares in the company, valued at $18,089,981.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert M. Deutschman acquired 15,000 shares of Digital Turbine stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average cost of $9.80 per share, with a total value of $147,000.00. Following the completion of the purchase, the director now owns 289,017 shares in the company, valued at approximately $2,832,366.60. The disclosure for this purchase can be found here. Corporate insiders own 5.50% of the company’s stock.

Digital Turbine Profile

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Digital Turbine, Inc engages in the innovation of media and mobile communications which help to deliver an end-to-end platform solution for mobile operators, application developers, device original equipment manufacturers (OEM), and other third parties. It operates through the Following Segments: On Device Media (ODM), In App Media-AdColony (IAM-A) and In App Media-Fyber (IAM-F).

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Institutional Ownership by Quarter for Digital Turbine (NASDAQ:APPS)

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