Alberta Investment Management Corp Increases Stock Position in AppLovin Corporation $APP

Key Points

• Alberta Investment Management Corp boosted its AppLovin stake by 92.7% in the fourth quarter, bringing its holdings to 21,000 shares worth about $14.15 million.
• Major institutions remain heavily invested in AppLovin, with firms like Vanguard, State Street, and Geode Capital also increasing positions; institutional ownership stands at 41.85%.
• Analysts are broadly bullish on the stock, with a consensus rating of “Moderate Buy” and an average price target of $669.62, even as the shares traded down 2.0% to $469.71.

Alberta Investment Management Corp increased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 92.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,000 shares of the company's stock after purchasing an additional 10,100 shares during the period. Alberta Investment Management Corp's holdings in AppLovin were worth $14,150,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company's stock worth $16,926,746,000 after acquiring an additional 166,117 shares during the last quarter. State Street Corp raised its stake in AppLovin by 0.4% in the 4th quarter. State Street Corp now owns 11,904,843 shares of the company's stock valued at $8,021,721,000 after purchasing an additional 52,377 shares during the last quarter. Geode Capital Management LLC lifted its holdings in AppLovin by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company's stock valued at $4,817,269,000 after purchasing an additional 448,005 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of AppLovin by 3.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company's stock worth $4,103,386,000 after purchasing an additional 212,349 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of AppLovin by 10.7% during the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company's stock worth $3,747,551,000 after purchasing an additional 538,806 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

APP has been the subject of a number of analyst reports. Argus began coverage on shares of AppLovin in a research report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price objective for the company. Wells Fargo & Company raised their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. BTIG Research reaffirmed a "buy" rating and issued a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Morgan Stanley reiterated an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. Finally, Citigroup reissued a "buy" rating and set a $710.00 price target on shares of AppLovin in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $669.62.

Insider Activity

In other news, CTO Vasily Shikin sold 62,804 shares of the firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares of the company's stock, valued at approximately $1,545,173,366.38. This trade represents a 1.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the transaction, the insider owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 389,924 shares of company stock valued at $195,693,875 over the last quarter. 13.66% of the stock is owned by insiders.

AppLovin Trading Down 2.0%

APP stock opened at $469.71 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market cap of $157.79 billion, a price-to-earnings ratio of 40.35, a PEG ratio of 0.78 and a beta of 2.45. The business has a fifty day simple moving average of $490.66 and a 200-day simple moving average of $518.14. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the business posted $1.67 EPS. The company's quarterly revenue was up 58.9% compared to the same quarter last year. On average, equities research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

AppLovin Profile

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.

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