iA Global Asset Management Inc. Buys 28,098 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• iA Global Asset Management Inc. increased its stake in AppLovin Corporation by 77.1%, acquiring an additional 28,098 shares, bringing its total holdings to 64,535 shares valued at approximately $17.1 million.
• Analysts have a consensus rating of "Moderate Buy" for AppLovin, with various price targets, the highest being $530 set by Jefferies Financial Group.
• Insider selling activity included Director Alyssa Harvey and Barbara Messing, who sold 513 and 1,500 shares, respectively, leading to significant decreases in their holdings.

iA Global Asset Management Inc. grew its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 77.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,535 shares of the company's stock after purchasing an additional 28,098 shares during the quarter. iA Global Asset Management Inc.'s holdings in AppLovin were worth $17,100,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC purchased a new stake in AppLovin in the fourth quarter valued at approximately $294,000. World Investment Advisors purchased a new stake in AppLovin in the fourth quarter valued at approximately $847,000. Wells Fargo & Company MN raised its stake in AppLovin by 17.2% in the fourth quarter. Wells Fargo & Company MN now owns 293,992 shares of the company's stock valued at $95,204,000 after purchasing an additional 43,168 shares in the last quarter. Wedbush Securities Inc. purchased a new stake in AppLovin in the fourth quarter valued at approximately $236,000. Finally, Quadrant Capital Group LLC raised its stake in AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after purchasing an additional 33 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent research reports. Piper Sandler reiterated an "overweight" rating and set a $470.00 price target (up from $455.00) on shares of AppLovin in a research report on Thursday, June 26th. BTIG Research lifted their target price on shares of AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Benchmark reaffirmed a "buy" rating and issued a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. UBS Group lifted their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Jefferies Financial Group lifted their price target on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $447.57.

Insider Activity

In other news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director owned 3,451 shares of the company's stock, valued at $1,450,455.30. This represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director directly owned 9,510 shares of the company's stock, valued at $3,637,194.60. The trade was a 13.62% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company's stock.

AppLovin Price Performance

APP opened at $395.01 on Tuesday. The company's 50-day simple moving average is $364.27 and its two-hundred day simple moving average is $337.95. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a market capitalization of $133.67 billion, a P/E ratio of 71.30, a P/E/G ratio of 2.26 and a beta of 2.43. AppLovin Corporation has a 52-week low of $60.67 and a 52-week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm earned $0.67 EPS. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. As a group, analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

About AppLovin

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.

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