Bank of Nova Scotia Trims Holdings in AppLovin Corporation $APP

Bank of Nova Scotia decreased its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 11.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 34,158 shares of the company’s stock after selling 4,587 shares during the period. Bank of Nova Scotia’s holdings in AppLovin were worth $13,595,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of APP. Generate Investment Management Ltd purchased a new stake in AppLovin in the fourth quarter worth approximately $2,347,000. Calamos Advisors LLC lifted its position in shares of AppLovin by 73.3% during the 4th quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock valued at $32,840,000 after buying an additional 20,609 shares in the last quarter. Capricorn Fund Managers Ltd purchased a new stake in shares of AppLovin in the fourth quarter worth $4,043,000. Dara Capital US Inc. bought a new stake in AppLovin during the fourth quarter valued at about $1,747,000. Finally, Nisa Investment Advisors LLC boosted its stake in AppLovin by 97.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 43,988 shares of the company’s stock worth $29,640,000 after purchasing an additional 21,694 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on APP. Needham & Company LLC restated a “buy” rating and set a $700.00 price target on shares of AppLovin in a report on Thursday, May 28th. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Morgan Stanley reissued an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. BTIG Research reaffirmed a “buy” rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, Raymond James Financial started coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $668.45.

Insider Activity at AppLovin

In other AppLovin news, 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 sale, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the sale, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. The trade was a 1.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 393,000 shares of company stock valued at $197,297,363 over the last quarter. 12.81% of the stock is owned by insiders.

AppLovin Price Performance

Shares of AppLovin stock opened at $391.98 on Friday. The business has a 50 day simple moving average of $498.97 and a two-hundred day simple moving average of $480.08. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market capitalization of $131.68 billion, a P/E ratio of 33.68, a PEG ratio of 0.64 and a beta of 2.49. AppLovin Corporation has a 12 month low of $357.03 and a 12 month high of $745.61.

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

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.