OMERS ADMINISTRATION Corp Sells 5,500 Shares of AppLovin Corporation $APP

Key Points

• OMERS ADMINISTRATION Corp reduced its stake in AppLovin Corporation by 38.5%, now holding 8,785 shares valued at approximately $2.33 million.
• In a significant insider transaction, Director Herald Y. Chen sold 200,000 shares for about $92.94 million, representing a decrease in ownership by 34.37%.
• Analysts maintain a generally positive outlook on AppLovin, with two strong buy ratings and several advising a buy, holding a consensus target price of $478.81.

OMERS ADMINISTRATION Corp decreased its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 38.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,785 shares of the company's stock after selling 5,500 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in AppLovin were worth $2,328,000 at the end of the most recent quarter.

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

AppLovin Price Performance

APP traded down $5.16 on Friday, hitting $478.59. 5,135,135 shares of the company's stock traded hands, compared to its average volume of 6,457,463. The company's 50 day simple moving average is $387.40 and its 200-day simple moving average is $347.23. The firm has a market cap of $161.88 billion, a price-to-earnings ratio of 67.98, a P/E/G ratio of 2.68 and a beta of 2.44. AppLovin Corporation has a one year low of $82.51 and a one year high of $525.15. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

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

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 15,000 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $450.00, for a total value of $6,750,000.00. Following the sale, the insider directly owned 304,955 shares in the company, valued at $137,229,750. The trade was a 4.69% 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 26,200 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,236,152 shares of company stock worth $545,240,378. Insiders own 13.66% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on APP shares. Oppenheimer reissued an "outperform" rating and issued a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. UBS Group raised their price objective on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Benchmark reaffirmed a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Finally, Piper Sandler raised their price objective on AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research note 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $478.81.

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.