AppLovin Corporation $APP Stock Position Lowered by Investment Management Corp of Ontario

Investment Management Corp of Ontario reduced its holdings in AppLovin Corporation (NASDAQ:APP) by 8.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,880 shares of the company’s stock after selling 2,048 shares during the quarter. Investment Management Corp of Ontario’s holdings in AppLovin were worth $15,417,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Board of the Pension Protection Fund bought a new stake in shares of AppLovin in the 4th quarter worth approximately $27,000. Washington Trust Advisors Inc. raised its holdings in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Laurel Wealth Advisors LLC acquired a new stake in shares of AppLovin during the fourth quarter worth $32,000. Graney & King LLC acquired a new stake in shares of AppLovin during the third quarter worth $36,000. Finally, Aventura Private Wealth LLC acquired a new stake in shares of AppLovin during the fourth quarter worth $38,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Down 6.9%

NASDAQ:APP opened at $479.49 on Thursday. The firm has a market capitalization of $161.08 billion, a price-to-earnings ratio of 41.19, a PEG ratio of 0.84 and a beta of 2.45. AppLovin Corporation has a 1-year low of $320.00 and a 1-year high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The business’s fifty day moving average price is $489.48 and its 200 day moving average price is $519.07.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.67 earnings per share. On average, sell-side analysts forecast that AppLovin Corporation will post 15.86 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the transaction, the chief executive officer owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. This represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 226,014 shares of company stock worth $113,073,400 in the last 90 days. 13.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. BTIG Research reaffirmed a “buy” rating and set a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their target price on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. UBS Group cut their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Oppenheimer cut their price target on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Finally, Piper Sandler restated an “overweight” rating on shares of AppLovin in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $669.62.

AppLovin Company Profile

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.