CIBC Private Wealth Group LLC Has $48.83 Million Holdings in AppLovin Co. (NASDAQ:APP)

CIBC Private Wealth Group LLC raised its position in shares of AppLovin Co. (NASDAQ:APP) by 27,065.4% in the fourth quarter, HoldingsChannel reports. The fund owned 148,323 shares of the company’s stock after acquiring an additional 147,777 shares during the period. CIBC Private Wealth Group LLC’s holdings in AppLovin were worth $48,828,000 as of its most recent filing with the Securities & Exchange Commission.

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

AppLovin Price Performance

APP stock opened at $272.38 on Monday. The stock has a market cap of $92.60 billion, a price-to-earnings ratio of 60.00, a P/E/G ratio of 3.02 and a beta of 2.33. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a 50 day simple moving average of $351.86 and a 200 day simple moving average of $284.38. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on APP. Oppenheimer reiterated an “outperform” rating on shares of AppLovin in a research note on Thursday. Citigroup lifted their price target on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Macquarie boosted their price target on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Monday, March 17th. Finally, Bank of America upped their target price on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $435.47.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on 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 sale, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This trade represents a 24.35 % 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 worth $106,401,841 in the last 90 days. Insiders own 14.69% of the company’s stock.

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.