New York State Teachers Retirement System Buys 5,644 Shares of AppLovin Corporation $APP

New York State Teachers Retirement System lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 221,973 shares of the company’s stock after purchasing an additional 5,644 shares during the period. New York State Teachers Retirement System’s holdings in AppLovin were worth $88,345,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. State Street Corp increased its position in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after buying an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC grew its stake in shares of AppLovin by 3,118.6% during the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after acquiring an additional 4,063,763 shares during the period. Norges Bank purchased a new stake in AppLovin in the 4th quarter worth about $2,040,321,000. Capital Research Global Investors bought a new stake in AppLovin in the 3rd quarter valued at about $743,899,000. Finally, Northern Trust Corp lifted its holdings in AppLovin by 46.8% during the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 6.7%

Shares of NASDAQ:APP opened at $527.06 on Friday. The firm has a fifty day moving average price of $500.97 and a two-hundred day moving average price of $504.62. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a one year low of $325.58 and a one year high of $745.61. The company has a market cap of $177.06 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 0.91 and a beta of 2.49.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the firm posted $1.67 earnings per share. The business’s quarterly revenue was up 58.9% on a year-over-year basis. Analysts anticipate that AppLovin Corporation will post 15.96 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on APP shares. UBS Group reduced their target price on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Oppenheimer reduced their price objective on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Needham & Company LLC reissued a “buy” rating and set a $700.00 target price on shares of AppLovin in a report on Thursday, May 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their price objective on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $668.27.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the sale, the chief executive officer owned 2,369,351 shares of the company’s stock, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director owned 6,785,087 shares of the company’s stock, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 389,924 shares of company stock valued at $195,693,875 over the last 90 days. Insiders own 13.66% of the company’s stock.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.