VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 108,123 AppLovin Corporation $APP

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of AppLovin Corporation (NASDAQ:APP) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 108,123 shares of the company’s stock, valued at approximately $55,708,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Signature Estate & Investment Advisors LLC raised its holdings in AppLovin by 3,695.3% during the second quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company’s stock worth $39,345,000 after purchasing an additional 74,349 shares during the last quarter. Insight Wealth Strategies LLC acquired a new stake in AppLovin in the second quarter valued at $6,939,000. Generate Investment Management Ltd purchased a new position in shares of AppLovin in the second quarter valued at $7,226,000. Asset Management One Co. Ltd. increased its position in shares of AppLovin by 6.5% in the second quarter. Asset Management One Co. Ltd. now owns 105,909 shares of the company’s stock valued at $54,567,000 after buying an additional 6,424 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of AppLovin during the 2nd quarter worth $730,015,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This represents a 2.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director G Jr sold 3,076 shares of the firm’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 sale, the director owned 120,444 shares in the company, valued at $62,786,252.76. This trade represents a 2.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 271,152 shares of company stock valued at $135,295,830. Company insiders own 12.81% of the company’s stock.

AppLovin Price Performance

NASDAQ:APP opened at $320.56 on Monday. AppLovin Corporation has a 12-month low of $297.50 and a 12-month high of $745.61. The firm has a market cap of $107.28 billion, a price-to-earnings ratio of 24.64, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The company’s 50-day moving average is $394.59 and its two-hundred day moving average is $440.62. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on APP shares. Bank of America reissued a “neutral” rating and issued a $400.00 price objective (down from $430.00) on shares of AppLovin in a research note on Tuesday, August 11th. UBS Group cut their target price on shares of AppLovin from $798.00 to $790.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Morgan Stanley reduced their price target on shares of 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 price objective on AppLovin from $500.00 to $440.00 and set a “buy” rating for the company in a research report on Monday, August 17th. Finally, Raymond James Financial began coverage on AppLovin in a research note on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $538.61.

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.