TD Waterhouse Canada Inc. Acquires 3,086 Shares of AppLovin Corporation $APP

TD Waterhouse Canada Inc. boosted its holdings in AppLovin Corporation (NASDAQ:APP) by 8.6% in the second quarter, Holdings Channel reports. The institutional investor owned 38,903 shares of the company’s stock after acquiring an additional 3,086 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in AppLovin were worth $21,978,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp boosted its holdings in shares of AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Corient Private Wealth LLC grew its position in shares of AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after purchasing an additional 4,063,763 shares in the last quarter. Norges Bank bought a new stake in shares of AppLovin during the 4th quarter valued at $2,040,321,000. Northern Trust Corp raised its stake in shares of AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the period. Finally, Amundi lifted its holdings in AppLovin by 81.3% during the 4th quarter. Amundi now owns 1,426,896 shares of the company’s stock worth $961,471,000 after purchasing an additional 639,836 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of AppLovin stock opened at $315.44 on Friday. The firm has a market capitalization of $105.56 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 0.63 and a beta of 2.54. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a 12 month low of $303.17 and a 12 month high of $745.61. The business’s 50-day moving average price is $447.84 and its 200-day moving average price is $456.06.

AppLovin (NASDAQ:APP) last released its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.76. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.AppLovin’s quarterly revenue was up 52.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.39 EPS. Sell-side analysts forecast that AppLovin Corporation will post 15.57 EPS for the current fiscal year.

AppLovin News Roundup

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Some analysts remain constructive on AppLovin’s valuation and financial profile. Phillip Securities upgraded the stock, while a recent analysis argued that the shares may be mispriced relative to the company’s fundamentals after reaching a 52-week low. AppLovin Upgraded at Phillip Securities AppLovin at 52-Week Low
• Neutral Sentiment: JPMorgan initiated coverage with a Neutral rating, recognizing AppLovin’s strong profitability and balance-sheet profile while questioning whether its rapid mobile-gaming advertising growth can continue. Bank of America also rates the shares Neutral. JPMorgan Initiates AppLovin Coverage Bank of America Neutral Rating
• Negative Sentiment: AppLovin’s latest quarterly results fell slightly short of revenue expectations, and adjusted EBITDA also missed estimates. Management attributed the weakness to slower-than-usual improvements in its core gaming advertising models, intensifying concerns about earnings-growth durability. AppLovin Q2 Earnings Call
• Negative Sentiment: Competitive risks from Unity and Meta, as well as questions about whether Google could challenge AppLovin’s advertising position, are weighing on the investment narrative. BTIG issued a pessimistic forecast, and another analyst downgrade previously contributed to selling pressure. BTIG Forecast for AppLovin AppLovin and Google Competition
• Negative Sentiment: Quant fund Renaissance Technologies exited its AppLovin position, a potential additional overhang for sentiment even though the move reflects portfolio management rather than a fundamental company announcement. Renaissance Changes Holdings

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on APP. JPMorgan Chase & Co. lifted their target price on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Weiss Ratings raised shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Citigroup cut their price objective on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Bank of America reaffirmed a “neutral” rating and set a $400.00 price objective (down from $430.00) on shares of AppLovin in a research note on Tuesday. Finally, UBS Group decreased their target price on AppLovin from $798.00 to $790.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $565.91.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the completion of the sale, the chief financial officer owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. The trade was a 0.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by insiders.

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.