AppLovin Corporation $APP Shares Bought by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse De Depot et Placement du Quebec increased its stake in AppLovin Corporation by 559.8% during the 1st quarter, owning 31,042 shares worth approximately $8.2 million after buying an additional 26,337 shares.
• Several hedge funds also boosted their holdings in AppLovin, with Vanguard Group and Price T Rowe Associates raising their stakes significantly during the same quarter.
• AppLovin shares saw a trading decline of 1.4%, with stock currently valued at around $462.94, while analysts have mixed ratings with an average target price of $472.86.

Caisse DE Depot ET Placement DU Quebec boosted its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 559.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,042 shares of the company's stock after buying an additional 26,337 shares during the quarter. Caisse DE Depot ET Placement DU Quebec's holdings in AppLovin were worth $8,225,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Invesco Ltd. increased its position in shares of AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Finally, Dynasty Wealth Management LLC increased its position in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on APP. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. The Goldman Sachs Group boosted their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Oppenheimer reaffirmed an "outperform" rating and set a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Piper Sandler boosted their price objective on shares of AppLovin from $470.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Finally, Morgan Stanley boosted their price objective on shares of AppLovin from $460.00 to $480.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and an average target price of $478.81.

Insider Activity

In other news, Director Herald Y. Chen sold 200,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $464.69, for a total value of $92,938,000.00. Following the completion of the sale, the director directly owned 381,929 shares of the company's stock, valued at approximately $177,478,587.01. This represents a 34.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the sale, the director directly owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. This represents a 1.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,236,152 shares of company stock worth $545,240,378 in the last quarter. Company insiders own 13.66% of the company's stock.

AppLovin Stock Performance

NASDAQ APP traded down $5.16 on Friday, hitting $478.59. The stock had a trading volume of 5,135,135 shares, compared to its average volume of 6,516,874. AppLovin Corporation has a one year low of $82.51 and a one year high of $525.15. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market cap of $161.88 billion, a price-to-earnings ratio of 67.98, a P/E/G ratio of 2.70 and a beta of 2.43. The company's 50-day moving average is $387.40 and its two-hundred day moving average is $348.32.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the prior year, the firm earned $0.89 EPS. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. On average, analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

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.