CIBC Asset Management Inc Acquires 267 Shares of AppLovin Co. (NASDAQ:APP)

CIBC Asset Management Inc increased its holdings in AppLovin Co. (NASDAQ:APP) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,777 shares of the company’s stock after acquiring an additional 267 shares during the quarter. CIBC Asset Management Inc’s holdings in AppLovin were worth $1,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. WCM Investment Management LLC lifted its position in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares in the last quarter. Lone Pine Capital LLC lifted its stake in AppLovin by 7.2% during the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after acquiring an additional 382,767 shares during the period. Jericho Capital Asset Management L.P. boosted its holdings in shares of AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares during the last quarter. Fred Alger Management LLC bought a new stake in shares of AppLovin in the second quarter worth approximately $290,655,000. Finally, Whale Rock Capital Management LLC purchased a new position in shares of AppLovin during the first quarter valued at approximately $195,129,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Trading Up 1.3 %

Shares of AppLovin stock opened at $325.22 on Thursday. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $342.51. 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 business has a 50-day moving average price of $172.62 and a 200-day moving average price of $113.92. The firm has a market cap of $109.14 billion, a price-to-earnings ratio of 98.55, a PEG ratio of 3.58 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s revenue was up 38.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS. Equities research analysts anticipate that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on APP. BTIG Research lifted their target price on shares of AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Piper Sandler initiated coverage on AppLovin in a report on Wednesday. They issued an “overweight” rating and a $400.00 price objective for the company. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Macquarie boosted their price target on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $103.00 to $150.00 in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $222.96.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $84.14, for a total value of $12,999,630.00. Following the completion of the sale, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at $381,192,483.70. This trade represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The trade was a 12.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 221,376 shares of company stock worth $30,737,619 over the last 90 days. 14.69% of the stock is owned by insiders.

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.