Cibc World Markets Corp Buys 4,124 Shares of AppLovin Co. (NASDAQ:APP)

Cibc World Markets Corp raised its holdings in shares of AppLovin Co. (NASDAQ:APP) by 34.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,027 shares of the company’s stock after acquiring an additional 4,124 shares during the quarter. Cibc World Markets Corp’s holdings in AppLovin were worth $5,190,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GHP Investment Advisors Inc. bought a new stake in AppLovin during the fourth quarter valued at about $25,000. Riverview Trust Co grew its position in shares of AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Hemington Wealth Management grew its position in shares of AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Fifth Third Bancorp grew its position in shares of AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after purchasing an additional 62 shares in the last quarter. Finally, Smithfield Trust Co purchased a new position in shares of AppLovin during the fourth quarter valued at about $32,000. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on APP. Benchmark raised their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Stifel Nicolaus raised their price objective on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Arete Research set a $200.00 price objective on AppLovin in a research report on Wednesday, March 5th. UBS Group raised their price objective on AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group lifted their price target on AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $438.28.

Insider Activity

In other news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the transaction, the chief executive officer now directly owns 2,869,492 shares of the company’s stock, valued at $1,179,045,567.88. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company’s stock.

AppLovin Stock Up 6.5 %

Shares of NASDAQ:APP opened at $297.03 on Thursday. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15. The business has a 50 day simple moving average of $354.37 and a two-hundred day simple moving average of $272.20. The firm has a market capitalization of $100.98 billion, a PE ratio of 65.43, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, equities analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

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.