CI Investments Inc. Buys 18,377 Shares of AppLovin Corporation $APP

CI Investments Inc. boosted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 20.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Washington Trust Advisors Inc. increased its stake in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in AppLovin in the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin in the 4th quarter worth approximately $32,000. Osbon Capital Management LLC bought a new stake in shares of AppLovin in the 4th quarter worth approximately $36,000. Finally, Aventura Private Wealth LLC acquired a new stake in shares of AppLovin during the 4th quarter worth approximately $38,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 1.0%

NASDAQ APP opened at $428.69 on Wednesday. AppLovin Corporation has a 12 month low of $343.00 and a 12 month high of $745.61. The stock has a 50-day simple moving average of $503.70 and a 200 day simple moving average of $484.09. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $144.01 billion, a PE ratio of 36.83, a P/E/G ratio of 0.69 and a beta of 2.49.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.67 earnings per share. Research analysts forecast that AppLovin Corporation will post 15.93 EPS for the current year.

Insider Activity

In related news, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the transaction, the chief executive officer owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their ownership of the stock. 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.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on APP. Argus began coverage on AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. JPMorgan Chase & Co. lifted their price objective on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

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.