State of New Jersey Common Pension Fund D Acquires 14,237 Shares of AppLovin Co. (NYSE:APP)

State of New Jersey Common Pension Fund D increased its holdings in shares of AppLovin Co. (NYSE:APP – Get Rating) by 18.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 90,336 shares of the company’s stock after acquiring an additional 14,237 shares during the period. State of New Jersey Common Pension Fund D’s holdings in AppLovin were worth $1,761,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. US Bancorp DE raised its position in AppLovin by 197.4% during the 3rd quarter. US Bancorp DE now owns 4,660 shares of the company’s stock valued at $91,000 after purchasing an additional 3,093 shares in the last quarter. CWM LLC raised its position in AppLovin by 4,356.6% during the 3rd quarter. CWM LLC now owns 5,749 shares of the company’s stock valued at $112,000 after purchasing an additional 5,620 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in AppLovin during the 3rd quarter valued at $105,000. Wipfli Financial Advisors LLC bought a new stake in AppLovin during the 3rd quarter valued at $31,000. Finally, Augustine Asset Management Inc. bought a new stake in AppLovin during the 3rd quarter valued at $210,000. 38.19% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 373,667 shares of the company’s stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $13.19, for a total value of $4,928,667.73. Following the completion of the transaction, the chief executive officer now owns 1,375,444 shares of the company’s stock, valued at approximately $18,142,106.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Arash Adam Foroughi sold 373,667 shares of the company’s stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $13.19, for a total value of $4,928,667.73. Following the completion of the transaction, the chief executive officer now owns 1,375,444 shares of the company’s stock, valued at approximately $18,142,106.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eduardo Vivas sold 341,577 shares of the business’s stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $13.53, for a total value of $4,621,536.81. Following the sale, the director now owns 141,673 shares of the company’s stock, valued at $1,916,835.69. The disclosure for this sale can be found here. Insiders sold a total of 3,179,525 shares of company stock valued at $40,038,628 in the last quarter. 12.78% of the stock is currently owned by company insiders.

AppLovin Stock Performance

Shares of APP opened at $10.94 on Friday. The stock has a 50-day moving average of $11.54 and a two-hundred day moving average of $20.79. AppLovin Co. has a one year low of $9.14 and a one year high of $76.38. The company has a debt-to-equity ratio of 1.69, a quick ratio of 3.36 and a current ratio of 3.36. The stock has a market cap of $4.07 billion, a P/E ratio of -47.56, a P/E/G ratio of 1.89 and a beta of 1.76.

AppLovin (NYSE:APP – Get Rating) last issued its quarterly earnings data on Wednesday, November 9th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.03). The company had revenue of $713.10 million during the quarter, compared to analyst estimates of $732.79 million. AppLovin had a negative net margin of 2.82% and a positive return on equity of 5.09%. As a group, research analysts predict that AppLovin Co. will post -0.25 EPS for the current year.

Analyst Upgrades and Downgrades

APP has been the topic of a number of analyst reports. The Goldman Sachs Group cut their price target on AppLovin from $33.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday. Jefferies Financial Group initiated coverage on AppLovin in a report on Wednesday, November 30th. They issued a “hold” rating and a $14.00 price target on the stock. Citigroup cut their price target on AppLovin from $60.00 to $34.00 in a report on Tuesday, November 22nd. Truist Financial cut their price target on AppLovin from $65.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, November 1st. Finally, JPMorgan Chase & Co. assumed coverage on AppLovin in a report on Thursday, November 17th. They issued a “neutral” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.13.

AppLovin Profile

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.