Mackenzie Financial Corp Buys New Stake in AppLovin Co. (NASDAQ:APP)

Mackenzie Financial Corp purchased a new stake in shares of AppLovin Co. (NASDAQ:APP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 59,399 shares of the company’s stock, valued at approximately $2,367,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in APP. BluePath Capital Management LLC acquired a new position in shares of AppLovin during the 3rd quarter worth approximately $33,000. Castleview Partners LLC acquired a new position in AppLovin during the third quarter worth $38,000. Cullen Frost Bankers Inc. purchased a new position in AppLovin during the third quarter valued at $44,000. Robeco Institutional Asset Management B.V. purchased a new position in AppLovin during the third quarter valued at $45,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of AppLovin in the third quarter valued at about $59,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Trading Up 1.6 %

APP opened at $67.85 on Tuesday. The stock has a market capitalization of $23.20 billion, a PE ratio of 67.85, a P/E/G ratio of 1.35 and a beta of 1.90. AppLovin Co. has a one year low of $15.41 and a one year high of $79.55. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.71 and a current ratio of 1.71. The business’s 50 day moving average price is $65.67 and its 200 day moving average price is $49.24.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.35 by $0.14. The business had revenue of $953.26 million for the quarter, compared to analyst estimates of $928.66 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The company’s quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.21) EPS. As a group, equities research analysts expect that AppLovin Co. will post 2.47 EPS for the current year.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total value of $166,926.40. Following the sale, the insider now directly owns 546,560 shares of the company’s stock, valued at approximately $31,569,305.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Matthew Stumpf sold 2,775 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of the transaction, the chief financial officer now directly owns 362,264 shares in the company, valued at approximately $22,931,311.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the sale, the insider now owns 546,560 shares in the company, valued at $31,569,305.60. The disclosure for this sale can be found here. Insiders sold a total of 61,215 shares of company stock valued at $4,416,815 over the last 90 days. 12.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. BTIG Research raised their price target on shares of AppLovin from $65.00 to $87.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Daiwa Capital Markets assumed coverage on AppLovin in a research report on Monday, April 15th. They issued a “neutral” rating and a $80.00 target price on the stock. Morgan Stanley boosted their price target on AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. The Goldman Sachs Group increased their price objective on AppLovin from $59.00 to $73.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Finally, Oppenheimer lifted their target price on shares of AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.31.

AppLovin Company Profile

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.