Public Employees Retirement System of Ohio Invests $47.53 Million in AppLovin Corporation $APP

Public Employees Retirement System of Ohio bought a new position in shares of AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 92,243 shares of the company’s stock, valued at approximately $47,526,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Ancora Advisors LLC purchased a new position in AppLovin in the second quarter valued at approximately $169,000. Kelly Lawrence W & Associates Inc. CA purchased a new stake in shares of AppLovin during the 2nd quarter worth approximately $11,669,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of AppLovin during the 2nd quarter worth approximately $483,000. Abacus FCF Advisors LLC acquired a new position in shares of AppLovin in the 2nd quarter valued at $9,706,000. Finally, Great Lakes Advisors LLC purchased a new position in shares of AppLovin in the 2nd quarter valued at $2,091,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $312.63 on Friday. AppLovin Corporation has a 52 week low of $297.50 and a 52 week high of $745.61. The company has a 50-day moving average price of $412.57 and a 200 day moving average price of $445.16. The company has a market cap of $104.62 billion, a P/E ratio of 24.03, a PEG ratio of 0.62 and a beta of 2.54. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11.

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

Insider Transactions at AppLovin

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares of the company’s stock, valued at $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 294,228 shares of company stock worth $148,403,985. Corporate insiders own 12.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on APP shares. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Morgan Stanley dropped their price objective on AppLovin from $720.00 to $650.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Benchmark cut their target price on AppLovin from $500.00 to $440.00 and set a “buy” rating on the stock in a research report on Monday, August 17th. Bank of America reissued a “neutral” rating and issued a $400.00 target price (down from $430.00) on shares of AppLovin in a report on Tuesday, August 11th. Finally, UBS Group decreased their target price on AppLovin from $798.00 to $790.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $552.74.

AppLovin Company Profile

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.