AppLovin Corporation $APP Shares Purchased by Bank of Nova Scotia

Bank of Nova Scotia grew its position in shares of AppLovin Corporation (NASDAQ:APP) by 589.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,946 shares of the company’s stock after buying an additional 24,748 shares during the period. Bank of Nova Scotia’s holdings in AppLovin were worth $20,799,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in APP. 44 Wealth Management LLC bought a new stake in shares of AppLovin in the 3rd quarter valued at approximately $227,000. Alliancebernstein L.P. lifted its stake in AppLovin by 18.0% during the third quarter. Alliancebernstein L.P. now owns 2,034,725 shares of the company’s stock worth $1,462,031,000 after purchasing an additional 309,791 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in AppLovin by 27.4% in the third quarter. Ameriprise Financial Inc. now owns 361,986 shares of the company’s stock worth $260,123,000 after purchasing an additional 77,748 shares during the period. Zacks Investment Management boosted its holdings in AppLovin by 0.8% in the third quarter. Zacks Investment Management now owns 13,386 shares of the company’s stock worth $9,619,000 after purchasing an additional 106 shares during the period. Finally, Prairie Wealth Advisors Inc. bought a new stake in AppLovin during the third quarter valued at $235,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

Shares of APP opened at $453.30 on Tuesday. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The company has a market cap of $152.89 billion, a price-to-earnings ratio of 46.49, a price-to-earnings-growth ratio of 0.81 and a beta of 2.51. The company has a debt-to-equity ratio of 1.65, a quick ratio of 3.32 and a current ratio of 3.32. The firm has a fifty day moving average of $490.72 and a 200-day moving average of $574.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 EPS for the quarter, topping the consensus estimate of $2.89 by $0.35. AppLovin had a net margin of 57.42% and a return on equity of 245.64%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The company’s quarterly revenue was up 66.0% on a year-over-year basis. As a group, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on APP. The Goldman Sachs Group dropped their target price on shares of AppLovin from $710.00 to $585.00 and set a “neutral” rating on the stock in a report on Thursday, February 12th. Weiss Ratings lowered shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, March 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price objective on shares of AppLovin in a research report on Wednesday, March 11th. Citigroup dropped their price objective on shares of AppLovin from $820.00 to $710.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Finally, Oppenheimer cut their target price on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Twenty equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $654.50.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 50,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total value of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at approximately $1,155,972,140.56. This represents a 1.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Victoria Valenzuela sold 7,609 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the completion of the sale, the insider owned 277,110 shares in the company, valued at $182,097,294.30. The trade was a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 188,033 shares of company stock valued at $90,662,374 in the last ninety days. Company insiders own 13.66% of the company’s stock.

About AppLovin

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.