Royal Bank of Canada Grows Stock Holdings in AppLovin Co. (NASDAQ:APP)

Royal Bank of Canada raised its position in shares of AppLovin Co. (NASDAQ:APP) by 130.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 890,396 shares of the company’s stock after buying an additional 503,956 shares during the period. Royal Bank of Canada owned about 0.27% of AppLovin worth $288,337,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of APP. GHP Investment Advisors Inc. purchased a new position in AppLovin in the fourth quarter valued at $25,000. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin in the fourth quarter valued at $25,000. Riverview Trust Co boosted its holdings in AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares during the period. Tucker Asset Management LLC purchased a new position in AppLovin in the fourth quarter valued at $28,000. Finally, Hemington Wealth Management boosted its holdings in AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares during the period. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Down 1.2%

APP opened at $362.34 on Friday. The business’s 50-day simple moving average is $285.14 and its 200-day simple moving average is $318.48. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a one year low of $60.67 and a one year high of $525.15. The stock has a market capitalization of $123.18 billion, a P/E ratio of 79.81, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The business’s revenue was up 40.3% compared to the same quarter last year. Analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the transaction, the director now owns 621,209 shares in the company, valued at $201,675,501.85. The trade was a 24.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This trade represents a 1.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,119,470 shares of company stock worth $409,752,180 in the last quarter. Company insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on APP shares. Piper Sandler lifted their target price on AppLovin from $425.00 to $455.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. HSBC set a $436.00 target price on AppLovin and gave the company a “buy” rating in a report on Wednesday, April 23rd. Bank of America raised their price target on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. FBN Securities initiated coverage on AppLovin in a research note on Friday, March 28th. They issued an “outperform” rating and a $385.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price target on AppLovin from $270.00 to $355.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $433.85.

AppLovin 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.