National Pension Service Buys 27,701 Shares of AppLovin Corporation $APP

National Pension Service raised its stake in shares of AppLovin Corporation (NASDAQ:APP) by 5.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 586,028 shares of the company’s stock after buying an additional 27,701 shares during the quarter. National Pension Service’s holdings in AppLovin were worth $301,939,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. California State Teachers Retirement System increased its holdings in shares of AppLovin by 50,874.8% during the second quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company’s stock valued at $91,720,025,000 after acquiring an additional 177,668,406 shares in the last quarter. State Street Corp boosted its stake in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC boosted its stake in AppLovin by 3,118.6% in the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after purchasing an additional 4,063,763 shares in the last quarter. Norges Bank purchased a new stake in AppLovin during the 4th quarter valued at about $2,040,321,000. Finally, Bank of New York Mellon Corp purchased a new stake in AppLovin during the 2nd quarter valued at about $730,015,000. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Down 2.2%

Shares of APP stock opened at $305.06 on Thursday. The stock has a market capitalization of $102.09 billion, a P/E ratio of 23.45, a P/E/G ratio of 0.66 and a beta of 2.49. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm’s 50 day moving average is $381.77 and its 200 day moving average is $438.82. AppLovin Corporation has a 12-month low of $297.50 and a 12-month high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.76. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company’s revenue for the quarter was up 52.8% on a year-over-year basis. During the same period last year, the business posted $2.39 EPS. Research analysts expect that AppLovin Corporation will post 15.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the transaction, the director directly owned 120,444 shares in the company, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Foroughi sold 22,544 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the transaction, the chief executive officer owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 208,653 shares of company stock valued at $104,600,460. Insiders own 12.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on APP. The Goldman Sachs Group decreased their target price on shares of AppLovin from $585.00 to $465.00 and set a “neutral” rating for the company in a report on Thursday, August 6th. KeyCorp set a $775.00 price target on shares of AppLovin in a research report on Wednesday, June 10th. Wells Fargo & Company reduced their price target on shares of AppLovin from $357.00 to $325.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 19th. Phillip Securities upgraded shares of AppLovin from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Finally, Piper Sandler cut their target price on AppLovin from $385.00 to $325.00 and set a “neutral” rating on the stock in a research note on Friday, August 21st. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $538.09.

AppLovin Profile

AppLovin Corporation (NASDAQ: APP) is a technology company that provides software and services designed to help mobile application developers grow their businesses. Its platform supports user acquisition, advertising, monetization, measurement and other functions that enable developers to attract users and generate revenue from their applications.

AppLovin’s offerings include AXON, an artificial-intelligence-powered software engine used to optimize advertising and user-acquisition campaigns; MAX, a platform for managing in-app advertising and mediation; and AppDiscovery, which helps developers promote their applications.