Arizona State Retirement System Acquires 826 Shares of AppLovin Co. (NASDAQ:APP)

Arizona State Retirement System raised its stake in shares of AppLovin Co. (NASDAQ:APP) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,226 shares of the company’s stock after buying an additional 826 shares during the quarter. Arizona State Retirement System’s holdings in AppLovin were worth $1,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of APP. BluePath Capital Management LLC purchased a new stake in shares of AppLovin in the third quarter worth about $33,000. Tower Research Capital LLC TRC increased its stake in AppLovin by 86.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 927 shares of the company’s stock worth $37,000 after acquiring an additional 429 shares during the last quarter. Castleview Partners LLC bought a new stake in AppLovin in the 3rd quarter worth approximately $38,000. Cullen Frost Bankers Inc. purchased a new stake in shares of AppLovin during the 3rd quarter worth approximately $44,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of AppLovin during the 3rd quarter valued at approximately $45,000. Institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

APP has been the topic of several research reports. Wedbush boosted their price target on shares of AppLovin from $67.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday. The Goldman Sachs Group boosted their target price on shares of AppLovin from $59.00 to $73.00 and gave the stock a “buy” rating in a report on Thursday, February 15th. UBS Group increased their price target on shares of AppLovin from $46.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, February 15th. Oppenheimer lifted their price target on AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Finally, HSBC initiated coverage on AppLovin in a research report on Monday, December 18th. They set a “buy” rating and a $53.20 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.36.

AppLovin Stock Performance

APP stock opened at $75.57 on Friday. AppLovin Co. has a twelve month low of $15.41 and a twelve month high of $79.55. The firm has a market cap of $25.84 billion, a price-to-earnings ratio of 75.57, a PEG ratio of 1.54 and a beta of 1.90. The business’s fifty day simple moving average is $62.89 and its two-hundred day simple moving average is $47.86. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm had revenue of $953.26 million for the quarter, compared to analysts’ expectations of $928.66 million. During the same period in the prior year, the business posted ($0.21) earnings per share. The business’s revenue for the quarter was up 35.7% on a year-over-year basis. Analysts predict that AppLovin Co. will post 2.48 earnings per share for the current year.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the completion of the sale, the insider now owns 546,560 shares in the company, valued at $31,569,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AppLovin news, CFO Matthew Stumpf sold 2,775 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the transaction, the chief financial officer now directly owns 362,264 shares in the company, valued at approximately $22,931,311.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total transaction of $166,926.40. Following the completion of the sale, the insider now owns 546,560 shares of the company’s stock, valued at approximately $31,569,305.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,215 shares of company stock valued at $4,416,815. 12.43% of the stock is currently owned by company insiders.

About AppLovin

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.