CIBC Asset Management Inc Has $96.24 Million Holdings in AppLovin Corporation $APP

CIBC Asset Management Inc increased its stake in AppLovin Corporation (NASDAQ:APP) by 21.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 142,827 shares of the company’s stock after purchasing an additional 25,701 shares during the quarter. CIBC Asset Management Inc’s holdings in AppLovin were worth $96,240,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after purchasing an additional 166,117 shares during the last quarter. State Street Corp lifted its position in AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after acquiring an additional 6,237,051 shares during the last quarter. Geode Capital Management LLC lifted its position in AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after acquiring an additional 448,005 shares during the last quarter. Invesco Ltd. lifted its position in AppLovin by 9.4% during the third quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock worth $3,084,514,000 after acquiring an additional 367,083 shares during the last quarter. Finally, Kensico Capital Management Corp lifted its position in AppLovin by 3.1% during the third quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock worth $2,240,767,000 after acquiring an additional 95,000 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction 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 directly owned 177,450 shares in the company, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,480,414 shares of the company’s stock, valued at $1,155,972,140.56. This represents a 1.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 464,016 shares of company stock valued at $218,477,985 over the last three months. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Down 1.3%

Shares of NASDAQ:APP opened at $605.63 on Wednesday. The company has a fifty day moving average of $460.05 and a 200-day moving average of $520.92. The company has a market capitalization of $203.46 billion, a PE ratio of 52.03, a price-to-earnings-growth ratio of 1.00 and a beta of 2.45. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.67 earnings per share. On average, equities analysts predict that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. BTIG Research reissued a “buy” rating and set a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating and set a $700.00 target price on shares of AppLovin in a report on Thursday, February 12th. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 price target on shares of AppLovin in a research report on Thursday, May 28th. Finally, Argus assumed coverage on shares of AppLovin in a research report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $664.35.

About AppLovin

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.