CIBC Asset Management Inc Purchases 53,841 Shares of AppLovin Co. (NASDAQ:APP)

CIBC Asset Management Inc boosted its position in AppLovin Co. (NASDAQ:APP) by 692.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 61,618 shares of the company’s stock after buying an additional 53,841 shares during the period. CIBC Asset Management Inc’s holdings in AppLovin were worth $19,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. Baillie Gifford & Co. raised its stake in AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after purchasing an additional 4,010,520 shares in the last quarter. Jennison Associates LLC acquired a new stake in AppLovin in the 4th quarter worth about $414,462,000. WCM Investment Management LLC grew its position in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of AppLovin by 31.3% during the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after purchasing an additional 560,560 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other news, Director Craig Scott Billings sold 18,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $318.94, for a total value of $5,740,920.00. Following the completion of the sale, the director now owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. This represents a 85.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the transaction, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at $1,251,618,694.88. This trade represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 828,991 shares of company stock worth $267,640,144. 14.69% of the stock is currently owned by company insiders.

AppLovin Trading Up 8.2 %

Shares of APP stock opened at $510.13 on Tuesday. AppLovin Co. has a twelve month low of $52.75 and a twelve month high of $525.15. The stock’s fifty day simple moving average is $354.68 and its 200 day simple moving average is $234.57. 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 firm has a market capitalization of $171.20 billion, a P/E ratio of 154.59, a P/E/G ratio of 3.10 and a beta of 2.30.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. As a group, sell-side analysts predict that AppLovin Co. will post 4.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on APP shares. Stifel Nicolaus boosted their price target on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Benchmark upped their target price on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research report on Thursday, February 13th. Finally, Wells Fargo & Company raised their target price on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $422.18.

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.