Royal Bank of Canada Sells 37,290 Shares of AppLovin Corporation $APP

Royal Bank of Canada reduced its position in AppLovin Corporation (NASDAQ:APP) by 2.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,236,093 shares of the company’s stock after selling 37,290 shares during the period. Royal Bank of Canada owned 0.37% of AppLovin worth $491,965,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in APP. Excelsior Advisor Network LLC purchased a new position in shares of AppLovin in the first quarter worth about $231,000. Quantinno Capital Management LP lifted its holdings in AppLovin by 13.4% during the 1st quarter. Quantinno Capital Management LP now owns 251,891 shares of the company’s stock worth $100,253,000 after purchasing an additional 29,743 shares in the last quarter. Weiss Asset Management LP boosted its stake in AppLovin by 317.6% in the 1st quarter. Weiss Asset Management LP now owns 2,280 shares of the company’s stock worth $907,000 after purchasing an additional 1,734 shares during the period. OMERS ADMINISTRATION Corp lifted its holdings in shares of AppLovin by 15.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 13,895 shares of the company’s stock worth $5,530,000 after buying an additional 1,816 shares in the last quarter. Finally, Lombard Odier Asset Management Switzerland SA grew its stake in AppLovin by 2.4% during the first quarter. Lombard Odier Asset Management Switzerland SA now owns 11,850 shares of the company’s stock valued at $4,716,000 after acquiring an additional 280 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 transaction of $30,423,513.68. Following the completion of the sale, the chief technology officer directly 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 SEC, which is available through this link. Also, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 393,000 shares of company stock valued at $197,297,363 over the last quarter. Company insiders own 12.81% of the company’s stock.

AppLovin Trading Up 1.3%

APP stock opened at $418.22 on Wednesday. The company has a market capitalization of $140.50 billion, a PE ratio of 35.93, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin Corporation has a one year low of $358.55 and a one year high of $745.61. The company’s 50 day moving average price is $496.20 and its two-hundred day moving average price is $476.06.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data 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. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the company earned $1.67 EPS. The firm’s revenue was up 58.9% on a year-over-year basis. As a group, analysts predict that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

APP has been the subject of several analyst reports. BTIG Research reissued a “buy” rating and issued a $640.00 price target on shares of AppLovin in a report on Thursday, May 7th. Weiss Ratings downgraded AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 23rd. Raymond James Financial assumed coverage on shares of AppLovin in a research report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 target price for the company. Wells Fargo & Company increased their price target on shares of AppLovin from $571.00 to $575.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Two research 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, AppLovin has an average rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Company 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.