AppLovin Corporation $APP Stock Position Reduced by Employees Retirement System of Texas

Employees Retirement System of Texas lessened its position in shares of AppLovin Corporation (NASDAQ:APP) by 29.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,172 shares of the company’s stock after selling 1,743 shares during the quarter. Employees Retirement System of Texas’ holdings in AppLovin were worth $2,811,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the company. Revolve Wealth Partners LLC bought a new position in shares of AppLovin in the 4th quarter worth about $294,000. Bison Wealth LLC acquired a new stake in AppLovin in the fourth quarter worth $239,000. Integrated Wealth Concepts LLC lifted its stake in AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after buying an additional 621 shares during the last quarter. NewEdge Advisors LLC lifted its stake in AppLovin by 5.7% in the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after buying an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of AppLovin by 7.2% during the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after acquiring an additional 9,380 shares during the period. Institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 2,889 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $488.90, for a total value of $1,412,432.10. Following the sale, the chief technology officer owned 17,945 shares of the company’s stock, valued at approximately $8,773,310.50. The trade was a 13.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the sale, the director owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. This trade represents a 2.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 454,964 shares of company stock worth $213,046,785 over the last ninety days. Company insiders own 13.66% of the company’s stock.

AppLovin Stock Up 10.4%

AppLovin stock opened at $567.83 on Thursday. The stock has a market cap of $190.76 billion, a price-to-earnings ratio of 48.78, a PEG ratio of 0.84 and a beta of 2.37. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company’s 50-day moving average price is $450.35 and its two-hundred day moving average price is $521.20. AppLovin Corporation has a 52 week low of $320.00 and a 52 week high of $745.61.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.67 EPS. On average, analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on APP shares. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a research report on Wednesday. Citigroup dropped their price target on shares of AppLovin from $820.00 to $710.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Weiss Ratings cut AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 7th. Jefferies Financial Group reduced their price objective on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Finally, UBS Group lowered their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $664.35.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Morgan Stanley reiterated an Overweight rating and a $720 price target on AppLovin, helping push the stock sharply higher as investors reacted to the upgraded bullish tone. AppLovin Stock Is Having a Bad Year. Why It’s Today’s Top Performer in the S&P 500.
• Positive Sentiment: Reports also said Meta Platforms is not expected to bid on certain mobile ad traffic, which could leave more market share and pricing opportunity for AppLovin in mobile advertising. AppLovin (APP) Stock Trades Up, Here Is Why
• Neutral Sentiment: Additional market chatter highlighted AppLovin as one of the stocks making big moves and one of the day’s top performers, reinforcing the momentum behind the shares. Stocks making big moves yesterday: Allient, AutoZone, Redwire, Marvell Technology, and AppLovin
• Negative Sentiment: AppLovin CTO Vasily Shikin disclosed multiple stock sales totaling tens of thousands of shares at prices around the mid-$480s, trimming his holdings by a meaningful amount; insider selling can sometimes weigh on sentiment. Vasily Shikin insider transaction filings

AppLovin 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.