California Public Employees Retirement System Has $145.87 Million Stock Holdings in AppLovin Corporation $APP

California Public Employees Retirement System trimmed its holdings in AppLovin Corporation (NASDAQ:APP) by 2.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 416,666 shares of the company’s stock after selling 9,441 shares during the quarter. California Public Employees Retirement System owned about 0.12% of AppLovin worth $145,866,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in APP. Norges Bank bought a new position in shares of AppLovin in the second quarter worth about $951,541,000. Price T Rowe Associates Inc. MD increased its holdings in shares of AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. Nuveen LLC bought a new position in AppLovin in the 1st quarter worth approximately $198,050,000. Royal Bank of Canada raised its position in AppLovin by 61.1% in the 1st quarter. Royal Bank of Canada now owns 1,434,503 shares of the company’s stock worth $380,102,000 after purchasing an additional 544,107 shares during the last quarter. Finally, Amundi lifted its holdings in AppLovin by 82.8% during the 1st quarter. Amundi now owns 1,103,586 shares of the company’s stock worth $289,117,000 after buying an additional 499,820 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, CTO Vasily Shikin sold 27,143 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the sale, the chief technology officer directly owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. This trade represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 4,069 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the sale, the chief executive officer owned 2,998,948 shares of the company’s stock, valued at approximately $1,491,976,630. This represents a 0.14% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 332,577 shares of company stock valued at $194,958,522. 13.66% of the stock is owned by insiders.

AppLovin Price Performance

NASDAQ APP opened at $691.94 on Monday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The stock has a market cap of $233.84 billion, a price-to-earnings ratio of 83.97, a PEG ratio of 3.71 and a beta of 2.51. The business has a 50 day simple moving average of $608.89 and a 200 day simple moving average of $490.74. AppLovin Corporation has a 52-week low of $200.50 and a 52-week high of $745.61.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the company earned $1.29 EPS. The company’s revenue was up 68.2% on a year-over-year basis. Analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

APP has been the subject of several research reports. Jefferies Financial Group lifted their target price on AppLovin from $560.00 to $615.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Deutsche Bank Aktiengesellschaft set a $705.00 price objective on AppLovin and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Zacks Research downgraded shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Bank of America raised their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Scotiabank boosted their price target on shares of AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Nineteen analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $679.85.

AppLovin Company 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.