BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 335 Shares of AppLovin Co. (NASDAQ:APP)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in AppLovin Co. (NASDAQ:APP) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 34,084 shares of the company’s stock after selling 335 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in AppLovin were worth $4,450,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. FMR LLC raised its position in shares of AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. Fred Alger Management LLC acquired a new stake in AppLovin in the second quarter worth $290,655,000. 1832 Asset Management L.P. boosted its position in shares of AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after purchasing an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC grew its holdings in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after buying an additional 1,029,009 shares during the period. Finally, Eagle Asset Management Inc. raised its stake in AppLovin by 2,200.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after buying an additional 500,407 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 1.1 %

NASDAQ APP opened at $340.59 on Tuesday. The company has a market cap of $114.30 billion, a PE ratio of 103.21, a PEG ratio of 4.15 and a beta of 1.86. AppLovin Co. has a 12 month low of $35.79 and a 12 month high of $347.60. The stock has a 50 day moving average of $201.91 and a 200-day moving average of $126.29. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.30 earnings per share. On average, equities research analysts anticipate that AppLovin Co. will post 4.06 EPS for the current fiscal year.

Analysts Set New Price Targets

APP has been the subject of a number of research analyst reports. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Stifel Nicolaus increased their target price on AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Macquarie lifted their price target on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Wedbush reissued an “outperform” rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Finally, Benchmark reaffirmed a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $265.57.

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. This trade represents a 12.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the sale, the chief technology officer now directly owns 4,530,455 shares of the company’s stock, valued at $381,192,483.70. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 884,395 shares of company stock valued at $243,101,629 over the last 90 days. 14.69% of the stock is currently owned by insiders.

About AppLovin

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.