Investment Management Corp of Ontario Increases Stock Holdings in AppLovin Co. (NASDAQ:APP)

Investment Management Corp of Ontario raised its stake in AppLovin Co. (NASDAQ:APP) by 264.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,580 shares of the company’s stock after purchasing an additional 10,580 shares during the quarter. Investment Management Corp of Ontario’s holdings in AppLovin were worth $1,903,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new stake in shares of AppLovin in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new stake in shares of AppLovin in the third quarter valued at approximately $27,000. DT Investment Partners LLC purchased a new stake in shares of AppLovin in the third quarter valued at approximately $27,000. Raleigh Capital Management Inc. purchased a new stake in shares of AppLovin in the third quarter valued at approximately $29,000. Finally, HM Payson & Co. boosted its stake in shares of AppLovin by 50.0% in the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction 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 approximately $381,192,483.70. The trade was a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Margaret Hasti Georgiadis sold 30,500 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $339.69, for a total value of $10,360,545.00. Following the sale, the director now directly owns 154,500 shares of the company’s stock, valued at approximately $52,482,105. This trade represents a 16.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 914,895 shares of company stock worth $253,462,174. 14.69% of the stock is currently owned by insiders.

AppLovin Stock Performance

AppLovin stock opened at $373.70 on Thursday. The firm has a market capitalization of $125.41 billion, a P/E ratio of 113.24, a PEG ratio of 4.20 and a beta of 2.28. The stock has a fifty day moving average price of $210.94 and a 200 day moving average price of $130.10. AppLovin Co. has a 52 week low of $35.79 and a 52 week high of $384.50. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 earnings per share. Equities research analysts anticipate that AppLovin Co. will post 4.06 earnings per share for the current year.

Analysts Set New Price Targets

APP has been the topic of a number of analyst reports. BTIG Research lifted their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and lifted their price target for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Macquarie lifted their price objective on AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Oppenheimer lifted their price objective on AppLovin from $260.00 to $480.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Finally, Piper Sandler initiated coverage on AppLovin in a report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.57.

AppLovin Profile

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.