CI Investments Inc. Grows Stock Holdings in AppLovin Corporation $APP

Key Points

• CI Investments Inc. boosted its AppLovin stake by 20.4% in the first quarter, buying 18,377 more shares and bringing its total holding to 108,566 shares valued at about $43.2 million.
• Wall Street remains broadly bullish on AppLovin, with 17 Buy ratings, 2 Strong Buy ratings, and a consensus price target of $668.45 despite some mixed target adjustments from analysts.
• AppLovin posted strong quarterly results, beating EPS and revenue estimates, while insiders have been selling shares recently, including the CTO and CEO, with 393,000 shares sold over the past 90 days.

CI Investments Inc. increased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 20.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,566 shares of the company's stock after purchasing an additional 18,377 shares during the quarter. CI Investments Inc.'s holdings in AppLovin were worth $43,209,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in APP. Redhawk Wealth Advisors Inc. increased its position in shares of AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock worth $431,000 after purchasing an additional 18 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in AppLovin by 5.7% during the fourth quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock worth $224,000 after acquiring an additional 18 shares during the period. Finivi Inc. increased its holdings in shares of AppLovin by 3.2% in the 4th quarter. Finivi Inc. now owns 711 shares of the company's stock valued at $479,000 after purchasing an additional 22 shares in the last quarter. Alta Wealth Advisors LLC lifted its position in shares of AppLovin by 0.6% during the 4th quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company's stock valued at $2,645,000 after acquiring an additional 24 shares during the period. Finally, Washington Trust Advisors Inc. raised its holdings in 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 purchasing an additional 24 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the subject of several recent research reports. Argus assumed coverage on AppLovin in a research report on Tuesday, April 14th. They set a "buy" rating and a $520.00 price target for the company. Wedbush reiterated an "outperform" rating and set a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Piper Sandler reiterated an "overweight" rating on shares of AppLovin in a report on Tuesday, July 7th. UBS Group decreased their price target on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Finally, KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $668.45.

AppLovin Trading Up 1.0%

Shares of NASDAQ APP opened at $428.69 on Wednesday. The business has a fifty day simple moving average of $503.70 and a 200-day simple moving average of $484.09. The company has a market cap of $144.01 billion, a price-to-earnings ratio of 36.83, a P/E/G ratio of 0.69 and a beta of 2.49. AppLovin Corporation has a 12 month low of $343.00 and a 12 month high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

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

Insider Activity

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 transaction of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares in the company, valued at $1,545,173,366.38. This represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares of the company's stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by company insiders.

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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