Kentucky Retirement Systems Trims Stock Holdings in AppLovin Corporation $APP

Kentucky Retirement Systems reduced its position in AppLovin Corporation (NASDAQ:APP) by 6.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,804 shares of the company’s stock after selling 1,102 shares during the quarter. Kentucky Retirement Systems’ holdings in AppLovin were worth $5,883,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Hilltop National Bank purchased a new stake in AppLovin in the 2nd quarter valued at $26,000. LFA Lugano Financial Advisors SA purchased a new position in AppLovin during the 2nd quarter worth $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in AppLovin in the second quarter valued at $33,000. Hoey Investments Inc. acquired a new position in AppLovin in the second quarter valued at $35,000. Finally, Trust Co. of Vermont purchased a new stake in shares of AppLovin in the second quarter valued at about $35,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AppLovin news, Director Dawson Alyssa Harvey sold 150 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $693.32, for a total transaction of $103,998.00. Following the sale, the director directly owned 2,829 shares in the company, valued at approximately $1,961,402.28. The trade was a 5.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 27,143 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the transaction, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This trade represents a 0.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 332,727 shares of company stock worth $195,062,520 in the last ninety days. 13.66% of the stock is owned by insiders.

AppLovin Stock Performance

NASDAQ APP opened at $670.67 on Friday. The stock has a market capitalization of $226.66 billion, a price-to-earnings ratio of 81.39, a PEG ratio of 3.60 and a beta of 2.51. The business’s 50 day moving average is $608.97 and its two-hundred day moving average is $501.74. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the firm earned $1.29 EPS. The company’s quarterly revenue was up 68.2% compared to the same quarter last year. Research analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on APP. Scotiabank raised their price target on AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. JPMorgan Chase & Co. increased their price objective on AppLovin from $425.00 to $650.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Oppenheimer set a $740.00 target price on AppLovin in a research note on Tuesday, October 7th. Zacks Research lowered AppLovin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, Morgan Stanley upped their price target on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Nineteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $692.60.

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.