AppLovin Corporation $APP Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia increased its holdings in AppLovin Corporation (NASDAQ:APP) by 589.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,946 shares of the company’s stock after purchasing an additional 24,748 shares during the period. Bank of Nova Scotia’s holdings in AppLovin were worth $20,799,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in APP. Vanguard Group Inc. boosted its stake in AppLovin by 39.4% in the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after buying an additional 7,051,663 shares during the last quarter. State Street Corp grew its holdings in AppLovin by 2.4% in the 2nd quarter. State Street Corp now owns 5,615,415 shares of the company’s stock valued at $1,965,844,000 after buying an additional 133,402 shares during the period. Invesco Ltd. increased its stake in shares of AppLovin by 9.4% during the 3rd quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock valued at $3,084,514,000 after acquiring an additional 367,083 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after acquiring an additional 1,381,970 shares during the period. Finally, Norges Bank purchased a new position in shares of AppLovin during the 2nd quarter worth about $951,541,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Down 1.2%

APP opened at $453.30 on Tuesday. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The firm has a 50 day moving average price of $490.72 and a 200 day moving average price of $574.61. The company has a debt-to-equity ratio of 1.65, a quick ratio of 3.32 and a current ratio of 3.32. The company has a market cap of $152.89 billion, a PE ratio of 46.49, a price-to-earnings-growth ratio of 0.81 and a beta of 2.51.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.35. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the company posted $1.73 earnings per share. AppLovin’s revenue was up 66.0% compared to the same quarter last year. Sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

APP has been the subject of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and issued a $650.00 target price (down from $800.00) on shares of AppLovin in a report on Thursday, February 12th. Weiss Ratings downgraded shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 10th. Benchmark reiterated a “buy” rating on shares of AppLovin in a report on Friday, March 6th. Oppenheimer lowered their price objective on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $700.00 price objective on shares of AppLovin in a report on Wednesday, March 11th. Twenty research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $654.50.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the sale, the chief executive officer owned 2,480,414 shares of the company’s stock, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the completion of the sale, the chief technology officer owned 3,255,273 shares in the company, valued at approximately $1,583,462,445.39. This trade represents a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 188,033 shares of company stock worth $90,662,374 in the last ninety days. 13.66% of the stock is owned by insiders.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.