AppLovin Corporation (NASDAQ:APP) Stake Cut by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has reduced its stake in AppLovin Corporation by 25.7%, now owning 22,665 shares valued at $6.0 million.
• AppLovin reported a 40.3% year-over-year increase in revenue, reaching $1.48 billion, with an EPS of $1.67, exceeding estimates.
• Analysts have generally maintained a positive outlook on AppLovin, with seventeen buy ratings and an average price target of $447.57.

Mackenzie Financial Corp reduced its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 25.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,665 shares of the company's stock after selling 7,834 shares during the period. Mackenzie Financial Corp's holdings in AppLovin were worth $6,006,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Quadrant Capital Group LLC increased its position in AppLovin by 6.7% in the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after purchasing an additional 33 shares during the last quarter. Forum Financial Management LP increased its position in AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after purchasing an additional 33 shares during the last quarter. Argentarii LLC increased its position in AppLovin by 1.5% in the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after purchasing an additional 40 shares during the last quarter. Versant Capital Management Inc increased its position in AppLovin by 13.4% in the 1st quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after purchasing an additional 43 shares during the last quarter. Finally, CVA Family Office LLC increased its position in AppLovin by 53.5% in the 1st quarter. CVA Family Office LLC now owns 132 shares of the company's stock worth $35,000 after purchasing an additional 46 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Price Performance

AppLovin stock opened at $379.17 on Friday. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The company has a market capitalization of $128.31 billion, a PE ratio of 68.44, a price-to-earnings-growth ratio of 2.33 and a beta of 2.43. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The business has a 50 day simple moving average of $363.45 and a 200 day simple moving average of $337.53.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping 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 business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company earned $0.67 EPS. AppLovin's revenue was up 40.3% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 100,000 shares of AppLovin stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the transaction, the chief executive officer owned 2,760,363 shares in the company, valued at approximately $1,014,461,006.13. The trade was a 3.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the transaction, the chief technology officer owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on APP shares. Piper Sandler reaffirmed an "overweight" rating and issued a $470.00 target price (up from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. UBS Group increased their price objective on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Jefferies Financial Group increased their price objective on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Oppenheimer reissued an "outperform" rating and set a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $447.57.

AppLovin 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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