iA Global Asset Management Inc. Buys 24,614 Shares of AppLovin Corporation $APP

Key Points

• iA Global Asset Management increased its AppLovin stake by 42.9% in the fourth quarter, buying 24,614 additional shares and lifting its holdings to 81,997 shares valued at about $55.3 million.
• AppLovin’s latest earnings beat expectations, reporting EPS of $3.56 versus $3.44 expected and revenue of $1.84 billion versus $1.77 billion expected, with revenue up 58.9% year over year.
• Despite strong operating results, insiders have been selling shares in recent months, including large sales by Director Eduardo Vivas and CEO Arash Adam Foroughi, while analysts still maintain an overall Moderate Buy outlook with an average price target of $664.35.

iA Global Asset Management Inc. grew its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 42.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,997 shares of the company's stock after buying an additional 24,614 shares during the period. iA Global Asset Management Inc.'s holdings in AppLovin were worth $55,251,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CBIZ Investment Advisory Services LLC grew its holdings in AppLovin by 58.6% in the 3rd quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock valued at $33,000 after buying an additional 17 shares in the last quarter. Redhawk Wealth Advisors Inc. grew its holdings in AppLovin by 2.9% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock valued at $431,000 after buying an additional 18 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in AppLovin by 5.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company's stock valued at $224,000 after buying an additional 18 shares in the last quarter. Claro Advisors LLC grew its holdings in AppLovin by 3.2% in the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company's stock valued at $465,000 after buying an additional 20 shares in the last quarter. Finally, Strategic Advocates LLC grew its holdings in AppLovin by 0.8% in the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company's stock valued at $1,851,000 after buying an additional 21 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

APP opened at $501.00 on Friday. The firm has a market cap of $168.31 billion, a P/E ratio of 43.04, a price-to-earnings-growth ratio of 0.81 and a beta of 2.37. AppLovin Corporation has a 52-week low of $320.00 and a 52-week high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The business's fifty day moving average is $447.26 and its 200-day moving average is $529.13.

AppLovin (NASDAQ:APP - Get Free Report) last released 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 company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin's quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 EPS. Sell-side analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the sale, the director directly owned 6,969,382 shares of the company's stock, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the sale, the chief executive officer owned 2,430,414 shares of the company's stock, valued at approximately $1,117,625,877.90. This represents a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 365,244 shares of company stock valued at $169,584,607. 13.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. UBS Group decreased their price objective on AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Oppenheimer decreased their price objective on AppLovin from $740.00 to $660.00 and set an "outperform" rating on the stock in a report on Thursday, March 5th. Weiss Ratings lowered AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 7th. Piper Sandler upped their target price on AppLovin from $650.00 to $665.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, Benchmark reissued a "buy" rating on shares of AppLovin in a report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and an average price target of $664.35.

AppLovin 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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