Strs Ohio Reduces Holdings in AppLovin Corporation $APP

Strs Ohio lowered its position in AppLovin Corporation (NASDAQ:APP) by 1.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,579 shares of the company’s stock after selling 3,148 shares during the quarter. Strs Ohio owned 0.07% of AppLovin worth $98,934,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new position in AppLovin in the fourth quarter valued at about $294,000. Bison Wealth LLC purchased a new stake in AppLovin during the 4th quarter worth approximately $239,000. Integrated Wealth Concepts LLC increased its holdings in AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock worth $448,000 after purchasing an additional 621 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of AppLovin by 5.7% in the 2nd quarter. NewEdge Advisors LLC now owns 14,523 shares of the company’s stock valued at $5,084,000 after purchasing an additional 782 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of AppLovin by 7.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company’s stock valued at $48,727,000 after purchasing an additional 9,380 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the sale, the director owned 123,520 shares in the company, valued at $71,893,580.80. The trade was a 2.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 389,924 shares of company stock worth $195,693,875 over the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citigroup reissued a “buy” rating on shares of AppLovin in a research report on Monday, June 22nd. UBS Group cut their price target on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $700.00 price objective on shares of AppLovin in a report on Thursday, May 28th. BTIG Research reissued a “buy” rating and issued a $640.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Benchmark restated a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $668.27.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $527.06 on Friday. AppLovin Corporation has a 52-week low of $325.58 and a 52-week high of $745.61. The stock has a market capitalization of $177.06 billion, a P/E ratio of 45.28, a P/E/G ratio of 0.91 and a beta of 2.49. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm’s 50-day moving average price is $500.97 and its two-hundred day moving average price is $504.62.

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

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.