AppLovin Corporation $APP Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 14.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,126 shares of the company’s stock after buying an additional 15,074 shares during the quarter. CIBC Asset Management Inc’s holdings in AppLovin were worth $84,160,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of AppLovin by 0.4% during the second quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company’s stock worth $6,267,410,000 after purchasing an additional 72,120 shares in the last quarter. State Street Corp increased its stake in AppLovin by 2.4% during the 2nd quarter. State Street Corp now owns 5,615,415 shares of the company’s stock worth $1,965,844,000 after buying an additional 133,402 shares during the period. Jennison Associates LLC lifted its holdings in 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 buying an additional 1,381,970 shares in the last quarter. Norges Bank purchased a new position in AppLovin in the 2nd quarter valued at approximately $951,541,000. Finally, Rakuten Investment Management Inc. acquired a new position in shares of AppLovin in the third quarter worth $1,456,108,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Up 0.5%

APP stock opened at $524.41 on Friday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The company has a fifty day moving average of $634.79 and a 200-day moving average of $560.84. AppLovin Corporation has a one year low of $200.50 and a one year high of $745.61. The stock has a market capitalization of $177.22 billion, a PE ratio of 63.64, a price-to-earnings-growth ratio of 1.73 and a beta of 2.50.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business posted $1.29 earnings per share. The firm’s revenue for the quarter was up 68.2% compared to the same quarter last year. As a group, analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Activity

In related news, insider Victoria Valenzuela sold 7,609 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the transaction, the insider owned 277,110 shares of the company’s stock, valued at approximately $182,097,294.30. This represents a 2.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the transaction, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This represents a 0.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 340,336 shares of company stock valued at $200,062,623 over the last quarter. 13.66% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on APP shares. Phillip Securities raised AppLovin to a “moderate buy” rating in a research note on Monday, September 29th. Scotiabank upped their target price on shares of AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Wells Fargo & Company raised their target price on shares of AppLovin from $721.00 to $735.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. Jefferies Financial Group boosted their price target on shares of AppLovin from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Wedbush raised their price objective on shares of AppLovin from $745.00 to $800.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $706.76.

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.