California State Teachers Retirement System Sells 9,478 Shares of AppLovin Corporation $APP

California State Teachers Retirement System reduced its position in AppLovin Corporation (NASDAQ:APP) by 2.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 349,227 shares of the company’s stock after selling 9,478 shares during the period. California State Teachers Retirement System’s holdings in AppLovin were worth $138,992,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp lifted its stake in shares of AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares during the period. Corient Private Wealth LLC raised its holdings in 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 purchasing an additional 4,063,763 shares during the last quarter. Norges Bank acquired a new position in AppLovin during the 4th quarter valued at about $2,040,321,000. Northern Trust Corp lifted its position in AppLovin by 46.8% during the 3rd 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 period. Finally, Amundi boosted its stake in shares of AppLovin by 81.3% in the 4th quarter. Amundi now owns 1,426,896 shares of the company’s stock valued at $961,471,000 after purchasing an additional 639,836 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Key Stories Impacting AppLovin

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Wedbush expects AppLovin to report second-quarter results above its own guidance, supported by continued strength in the company’s core advertising business. The firm also expects consumer-growth initiatives to take longer to develop, but views the underlying business momentum favorably. AppLovin Q2 Results Poised to Top Guidance, Consumer Growth Expected to Take Time, Wedbush Says
• Positive Sentiment: A bullish analysis argues that the market may be underestimating AppLovin’s fundamental strength. Potential upside drivers include a longer-than-expected gaming growth runway, expansion into additional verticals, and longer-term opportunities such as video streaming. AppLovin: The Market Continues To Underestimate Fundamental Strength
• Neutral Sentiment: AppLovin is scheduled to report earnings next week, with Wall Street expecting year-over-year earnings growth. The preview provides a potential catalyst, but the available analysis says the company lacks the typical combination of factors that would support a likely earnings beat, leaving expectations and guidance especially important. AppLovin Reports Next Week: Wall Street Expects Earnings Growth
• Neutral Sentiment: The stock recently outperformed the broader market during one trading session, indicating intermittent buying interest, although that short-term strength has not reversed the broader period of weakness. AppLovin Outpaces Stock Market Gains: What You Should Know
• Negative Sentiment: Pomerantz LLP is investigating potential claims on behalf of AppLovin investors. Although the announcement does not establish wrongdoing, the legal inquiry adds headline, litigation and reputational risk to the stock. Investor Alert: Pomerantz Law Firm Investigates Claims on Behalf of Investors of AppLovin

Analysts Set New Price Targets

A number of research firms recently weighed in on APP. BTIG Research reissued a “buy” rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. UBS Group reduced their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, May 28th. Piper Sandler restated an “overweight” rating on shares of AppLovin in a research report on Tuesday, July 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a report 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Price Performance

Shares of APP stock opened at $399.46 on Thursday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin Corporation has a 12-month low of $358.55 and a 12-month high of $745.61. The firm has a fifty day moving average of $494.55 and a 200-day moving average of $474.53. The firm has a market capitalization of $134.19 billion, a price-to-earnings ratio of 34.32, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49.

AppLovin (NASDAQ:APP) last posted its 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 return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the company posted $1.67 earnings per share. The company’s revenue for the quarter was up 58.9% on a year-over-year basis. On average, equities research analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer owned 177,450 shares in the company, valued at $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 393,000 shares of company stock worth $197,297,363 over the last three months. Company insiders own 12.81% 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.