Bank of Nova Scotia Sells 4,587 Shares of AppLovin Corporation $APP

Key Points

• Bank of Nova Scotia trimmed its AppLovin stake by 11.8% in the first quarter, selling 4,587 shares and leaving it with 34,158 shares valued at about $13.6 million.
• AppLovin insiders have been selling shares, including CTO Vasily Shikin and Director Eduardo Vivas, with insiders selling about 393,000 shares worth roughly $197.3 million over the last quarter.
• Despite the selling, AppLovin reported strong quarterly results with EPS of $3.56 and revenue of $1.84 billion, both above estimates, while analysts currently view the stock as a Moderate Buy with an average target price of $668.45.

Bank of Nova Scotia reduced its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 34,158 shares of the company's stock after selling 4,587 shares during the quarter. Bank of Nova Scotia's holdings in AppLovin were worth $13,595,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC bought a new stake in AppLovin in the 1st quarter valued at $25,000. Washington Trust Advisors Inc. raised its stake in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after buying an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new position in AppLovin during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC acquired a new position in shares of AppLovin in the 4th quarter valued at $32,000. Finally, First Pacific Financial acquired a new stake in AppLovin during the 1st quarter worth approximately $33,000. 41.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 62,804 shares of the 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 $1,545,173,366.38. This represents a 1.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eduardo Vivas sold 163,910 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares of the company's stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is owned by corporate insiders.

AppLovin Trading Down 1.7%

Shares of APP opened at $391.98 on Friday. The business has a 50-day moving average of $498.97 and a 200 day moving average of $480.08. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a fifty-two week low of $357.03 and a fifty-two week high of $745.61. The firm has a market cap of $131.68 billion, a P/E ratio of 33.68, a price-to-earnings-growth ratio of 0.64 and a beta of 2.49.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business's quarterly revenue was up 58.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.67 earnings per share. As a group, research analysts forecast that AppLovin Corporation will post 15.93 EPS for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of several recent research reports. Raymond James Financial began coverage on shares of AppLovin in a research note on Monday, June 29th. They issued a "strong-buy" rating and a $640.00 price target on the stock. Argus began coverage on AppLovin in a research report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price target on the stock. Benchmark restated a "buy" rating on shares of AppLovin in a research note on Wednesday, June 10th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $668.45.

About AppLovin

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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