Investment Management Corp of Ontario Has $15.42 Million Holdings in AppLovin Corporation $APP

Investment Management Corp of Ontario reduced its position in AppLovin Corporation (NASDAQ:APP) by 8.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 22,880 shares of the company’s stock after selling 2,048 shares during the quarter. Investment Management Corp of Ontario’s holdings in AppLovin were worth $15,417,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Redhawk Wealth Advisors Inc. increased its stake in shares of AppLovin by 2.9% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after purchasing an additional 18 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in shares of AppLovin by 5.7% during the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after purchasing an additional 18 shares during the last quarter. Claro Advisors LLC increased its stake in shares of AppLovin by 3.2% during the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after purchasing an additional 20 shares during the last quarter. Strategic Advocates LLC increased its stake in shares of AppLovin by 0.8% during the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock worth $1,851,000 after purchasing an additional 21 shares during the last quarter. Finally, Finivi Inc. increased its stake in shares of AppLovin by 3.2% during the 4th quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after purchasing an additional 22 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $479.49 on Thursday. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The firm’s fifty day simple moving average is $489.48 and its 200 day simple moving average is $519.07. 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 firm has a market capitalization of $161.08 billion, a PE ratio of 41.19, a PEG ratio of 0.84 and a beta of 2.45.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. The firm 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%.The company’s revenue was up 58.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 EPS. On average, sell-side analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

Analysts Set New Price Targets

APP has been the topic of several analyst reports. Benchmark restated a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. JPMorgan Chase & Co. increased their price objective on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Piper Sandler reissued an “overweight” rating on shares of AppLovin in a report on Tuesday, June 9th. Argus began coverage on AppLovin in a report on Tuesday, April 14th. They set a “buy” rating and a $520.00 price objective on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $700.00 price objective on shares of AppLovin in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $669.62.

Insider Transactions at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares of the company’s stock, valued at $106,470,000. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This trade represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 226,014 shares of company stock worth $113,073,400. Insiders own 13.66% of the company’s stock.

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.