Investment Management Corp of Ontario Increases Position in AppLovin Corporation $APP

Investment Management Corp of Ontario increased its holdings in AppLovin Corporation (NASDAQ:APP) by 38.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,160 shares of the company’s stock after purchasing an additional 2,260 shares during the period. Investment Management Corp of Ontario’s holdings in AppLovin were worth $2,857,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in APP. AXA S.A. raised its holdings in shares of AppLovin by 116.5% in the 2nd quarter. AXA S.A. now owns 110,774 shares of the company’s stock worth $38,780,000 after purchasing an additional 59,618 shares during the period. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna acquired a new stake in shares of AppLovin during the second quarter worth approximately $105,000. State Street Corp raised its holdings in AppLovin by 2.4% in the second quarter. State Street Corp now owns 5,615,415 shares of the company’s stock valued at $1,965,844,000 after acquiring an additional 133,402 shares in the last quarter. Avenir Tech Ltd acquired a new stake in shares of AppLovin in the 2nd quarter valued at about $2,661,000. Finally, Daiwa Securities Group Inc. lifted its holdings in AppLovin by 23.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 73,808 shares of the company’s stock worth $25,839,000 after buying an additional 14,232 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wedbush increased their target price on AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Morgan Stanley increased their price objective on shares of AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Piper Sandler boosted their target price on shares of AppLovin from $740.00 to $800.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Wells Fargo & Company upped their target price on shares of AppLovin from $633.00 to $721.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of AppLovin in a research report on Monday. Nineteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $679.85.

AppLovin Trading Down 2.9%

Shares of NASDAQ:APP opened at $703.28 on Thursday. The stock has a market capitalization of $237.68 billion, a price-to-earnings ratio of 85.35, a PEG ratio of 3.89 and a beta of 2.51. AppLovin Corporation has a 1-year low of $200.50 and a 1-year high of $745.61. The company has a 50 day moving average price of $608.54 and a 200 day moving average price of $497.18. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the business posted $1.29 EPS. AppLovin’s revenue was up 68.2% on a year-over-year basis. On average, research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 27,143 shares of AppLovin stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the transaction, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. The trade was a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 4,069 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $497.50, for a total value of $2,024,327.50. Following the sale, the chief executive officer owned 2,998,948 shares of the company’s stock, valued at approximately $1,491,976,630. This represents a 0.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 332,727 shares of company stock valued at $195,062,520 in the last 90 days. Company insiders own 13.66% of the company’s stock.

About AppLovin

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.