Alberta Investment Management Corp Takes $3.79 Million Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Alberta Investment Management Corp acquired 14,300 shares of AppLovin Corporation, valued at approximately $3.79 million, during the first quarter.
• Insider trading activity includes directors selling significant stakes, with notable transactions totaling over $42 million in sales, indicating a 35.47% decrease in ownership for one director.
• Analysts maintain a generally positive outlook on AppLovin, with the majority issuing buy ratings and a consensus price target of $447.57.

Alberta Investment Management Corp acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 14,300 shares of the company's stock, valued at approximately $3,789,000.

Other hedge funds have also made changes to their positions in the company. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin in the 4th quarter valued at approximately $25,000. Atala Financial Inc acquired a new stake in AppLovin in the 1st quarter valued at approximately $26,000. ORG Wealth Partners LLC bought a new stake in shares of AppLovin in the 1st quarter worth approximately $29,000. Alpine Bank Wealth Management bought a new stake in shares of AppLovin in the 1st quarter worth approximately $27,000. Finally, Bartlett & CO. Wealth Management LLC bought a new stake in shares of AppLovin in the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on APP. Citigroup reiterated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Piper Sandler reiterated an "overweight" rating and issued a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. BTIG Research raised their price objective on AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen upgraded AppLovin from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Jefferies Financial Group raised their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and three have given a strong buy 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 $447.57.

Insider Buying and Selling

In other news, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction on Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the sale, the director directly owned 3,451 shares of the company's stock, valued at approximately $1,450,455.30. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 100,000 shares of AppLovin stock in a transaction on Friday, June 6th. The shares were sold at an average price of $419.91, for a total value of $41,991,000.00. Following the completion of the sale, the director directly owned 181,929 shares of the company's stock, valued at $76,393,806.39. This trade represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is currently owned by company insiders.

AppLovin Trading Down 3.0%

Shares of APP opened at $379.17 on Friday. The stock has a fifty day moving average price of $363.45 and a two-hundred day moving average price of $337.54. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15. The company has a market cap of $128.31 billion, a price-to-earnings ratio of 68.44, a PEG ratio of 2.26 and a beta of 2.43.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the company posted $0.67 EPS. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. Analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

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.

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