CIBC Asset Management Inc Has $96.24 Million Stock Position in AppLovin Corporation $APP

Key Points

• CIBC Asset Management boosted its AppLovin stake by 21.9% in the fourth quarter, ending with 142,827 shares valued at about $96.24 million.
• AppLovin reported strong quarterly results, including earnings per share of $3.56 versus estimates of $3.44 and revenue of $1.84 billion, up 58.9% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average target price of $664.35, even as the shares traded down 1.3% on the day.

CIBC Asset Management Inc grew its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 21.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 142,827 shares of the company's stock after buying an additional 25,701 shares during the period. CIBC Asset Management Inc's holdings in AppLovin were worth $96,240,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of APP. Revolve Wealth Partners LLC acquired a new stake in AppLovin during the 4th quarter worth approximately $294,000. Bison Wealth LLC acquired a new stake in AppLovin during the 4th quarter worth approximately $239,000. Integrated Wealth Concepts LLC raised its holdings in AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock worth $448,000 after buying an additional 621 shares during the period. NewEdge Advisors LLC raised its holdings in AppLovin by 5.7% during the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock worth $5,084,000 after buying an additional 782 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in AppLovin by 7.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock worth $48,727,000 after buying an additional 9,380 shares during the period. 41.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

APP has been the topic of several research analyst reports. Wedbush restated an "outperform" rating and set a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Wells Fargo & Company upped their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $700.00 target price on shares of AppLovin in a research note on Thursday, February 12th. JPMorgan Chase & Co. upped their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Finally, Arete Research set a $340.00 target price on shares of AppLovin and gave the stock a "neutral" rating in a research note on Monday, March 2nd. One research analyst has 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. According to MarketBeat.com, AppLovin has a consensus rating of "Moderate Buy" and an average target price of $664.35.

AppLovin Trading Down 1.3%

NASDAQ:APP opened at $605.63 on Wednesday. AppLovin Corporation has a twelve month low of $320.00 and a twelve 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. The business has a 50 day moving average price of $460.05 and a two-hundred day moving average price of $520.92. The company has a market cap of $203.46 billion, a P/E ratio of 52.03, a price-to-earnings-growth ratio of 1.00 and a beta of 2.45.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the firm posted $1.67 EPS. The business's revenue was up 58.9% on a year-over-year basis. As a group, analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares of the company's stock, valued at approximately $1,155,972,140.56. This represents a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 464,016 shares of company stock valued at $218,477,985. Corporate insiders own 13.66% of the company's stock.

AppLovin Company Profile

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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