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

CIBC Asset Management Inc raised its holdings in AppLovin Co. (NASDAQ:APP) by 692.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,618 shares of the company’s stock after purchasing an additional 53,841 shares during the quarter. CIBC Asset Management Inc’s holdings in AppLovin were worth $19,954,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. WCM Investment Management LLC increased its holdings in shares of AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. FMR LLC boosted its position in AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after buying an additional 6,801,138 shares during the last quarter. State Street Corp increased its stake in shares of AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the period. Baillie Gifford & Co. raised its position in shares of AppLovin by 5,421.4% during the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after acquiring an additional 4,010,520 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of AppLovin by 12.8% during the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after acquiring an additional 449,241 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of APP opened at $510.13 on Tuesday. The stock has a 50 day simple moving average of $354.68 and a 200 day simple moving average of $234.57. AppLovin Co. has a 52-week low of $52.75 and a 52-week high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a market capitalization of $171.20 billion, a PE 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, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. Sell-side analysts predict that AppLovin Co. will post 4.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Stifel Nicolaus lifted their price objective on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Piper Sandler lifted their price target on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, February 13th. Oppenheimer reaffirmed an “outperform” rating and set a $560.00 target price (up previously from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Finally, Loop Capital increased their price target on AppLovin from $385.00 to $450.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $422.18.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 500 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $406.27, for a total transaction of $203,135.00. Following the completion of the transaction, the director now owns 6,684 shares of the company’s stock, valued at $2,715,508.68. This represents a 6.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 15,971 shares of AppLovin stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the sale, the insider now owns 372,205 shares in the company, valued at $116,526,219.35. This trade represents a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 828,991 shares of company stock worth $267,640,144. Corporate insiders own 14.69% of the company’s stock.

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.