iA Global Asset Management Inc. Buys 28,366 Shares of AppLovin Co. (NASDAQ:APP)

iA Global Asset Management Inc. lifted its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 351.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,437 shares of the company's stock after buying an additional 28,366 shares during the period. iA Global Asset Management Inc.'s holdings in AppLovin were worth $11,799,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of APP. FMR LLC raised its stake in AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company's stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter valued at approximately $1,781,922,000. Baillie Gifford & Co. increased its position in AppLovin by 5,421.4% during 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. Raymond James Financial Inc. bought a new position in AppLovin in the 4th quarter valued at approximately $535,070,000. Finally, Jennison Associates LLC bought a new position in AppLovin in the 4th quarter valued at approximately $414,462,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Up 8.2 %

APP stock traded up $25.69 during mid-day trading on Monday, reaching $339.72. The company's stock had a trading volume of 9,111,745 shares, compared to its average volume of 5,260,623. AppLovin Co. has a 12 month low of $60.67 and a 12 month high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The business's 50 day moving average price is $354.31 and its 200 day moving average price is $278.37. The company has a market cap of $115.49 billion, a price-to-earnings ratio of 74.83, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33.

Remove Ads

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data 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 research analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the business's stock in a transaction 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 in the company, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the firm's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 306,900 shares of company stock worth $106,401,841. Company insiders own 14.69% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on APP shares. Citigroup upped their price target on shares of AppLovin from $460.00 to $600.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Arete Research set a $200.00 price objective on AppLovin in a research report on Wednesday, March 5th. Oppenheimer reiterated an "outperform" rating and issued a $560.00 target price (up from $480.00) on shares of AppLovin in a research report on Thursday, February 13th. Bank of America lifted their price target on AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Finally, Piper Sandler upped their price objective on AppLovin from $400.00 to $575.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $438.28.

AppLovin Company 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.