Bank of Nova Scotia Grows Stock Position in AppLovin Corporation (NASDAQ:APP)

Key Points

• Bank of Nova Scotia significantly increased its stake in AppLovin Corporation by 2,342.0% during the first quarter, owning a total of 109,159 shares valued at approximately $28.9 million.
• Insider transactions reveal that the CTO and CFO of AppLovin each sold large amounts of stock recently, with the CTO selling shares worth over $12 million and the CFO over $4 million.
• Analysts maintain a generally positive outlook on AppLovin, with a consensus rating of "Moderate Buy" and an average price target of $447.57.

Bank of Nova Scotia boosted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2,342.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 109,159 shares of the company's stock after buying an additional 104,689 shares during the period. Bank of Nova Scotia's holdings in AppLovin were worth $28,924,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quadrant Capital Group LLC grew its position in shares of AppLovin by 6.7% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after buying an additional 33 shares in the last quarter. Forum Financial Management LP grew its position in shares of AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after buying an additional 33 shares in the last quarter. Vestcor Inc grew its position in shares of AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock worth $1,088,000 after buying an additional 33 shares in the last quarter. Argentarii LLC grew its position in shares of AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after buying an additional 40 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in AppLovin by 13.4% during the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the transaction, the chief technology officer owned 70,889 shares in the company, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Matthew Stumpf sold 9,714 shares of AppLovin stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $423.00, for a total value of $4,109,022.00. Following the transaction, the chief financial officer owned 192,421 shares in the company, valued at approximately $81,394,083. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on APP. BTIG Research raised their price objective on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Scotiabank raised AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. UBS Group raised their price objective on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wedbush raised AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. Finally, Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $447.57.

AppLovin Stock Performance

Shares of NASDAQ:APP 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 business's 50 day moving average price is $363.45 and its 200-day moving average price is $337.54. The firm has a market capitalization of $128.31 billion, a PE ratio of 68.44, a P/E/G ratio of 2.26 and a beta of 2.43. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business's revenue was up 40.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share. As a group, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

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.

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