CIBC Private Wealth Group LLC Buys 147,777 Shares of AppLovin Co. (NASDAQ:APP)

CIBC Private Wealth Group LLC raised its stake in shares of AppLovin Co. (NASDAQ:APP) by 27,065.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 148,323 shares of the company’s stock after acquiring an additional 147,777 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in AppLovin were worth $48,828,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its holdings in AppLovin by 89.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 681 shares of the company’s stock valued at $89,000 after purchasing an additional 322 shares during the last quarter. Cerity Partners LLC raised its stake in shares of AppLovin by 36.3% in the third quarter. Cerity Partners LLC now owns 18,120 shares of the company’s stock valued at $2,366,000 after acquiring an additional 4,822 shares during the last quarter. Townsquare Capital LLC boosted its holdings in shares of AppLovin by 64.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock worth $1,037,000 after acquiring an additional 3,126 shares in the last quarter. Freedom Investment Management Inc. bought a new stake in AppLovin during the 3rd quarter worth approximately $231,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in AppLovin by 20.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,657 shares of the company’s stock valued at $5,830,000 after purchasing an additional 7,638 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Up 4.1 %

Shares of APP stock opened at $272.38 on Monday. The firm’s fifty day moving average price is $351.86 and its two-hundred day moving average price is $284.38. 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 Co. has a 1 year low of $60.67 and a 1 year high of $525.15. The firm has a market capitalization of $92.60 billion, a P/E ratio of 60.00, a PEG ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. On average, equities analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. JPMorgan Chase & Co. boosted their price objective on AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. UBS Group upped their price target on shares of AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Wells Fargo & Company set a $538.00 price objective on shares of AppLovin and gave the company an “overweight” rating in a research report on Thursday, February 27th. Benchmark upped their target price on shares of AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Stifel Nicolaus raised their price target on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $435.47.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. The trade was a 16.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the sale, the chief executive officer now directly owns 2,869,492 shares in the company, valued at approximately $1,179,045,567.88. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock valued at $106,401,841 in the last 90 days. 14.69% of the stock is currently owned by insiders.

AppLovin Company Profile

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.