Louisiana State Employees Retirement System Invests $13.53 Million in AppLovin Corporation $APP

Louisiana State Employees Retirement System bought a new stake in shares of AppLovin Corporation (NASDAQ:APP) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 34,000 shares of the company’s stock, valued at approximately $13,532,000.

A number of other institutional investors also recently bought and sold shares of the stock. Washington Trust Advisors Inc. increased its position in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in shares of AppLovin in the 4th quarter worth about $27,000. Mcguire Capital Advisors Inc. purchased a new position in shares of AppLovin during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin during the 4th quarter worth about $32,000. Finally, Graney & King LLC bought a new position in AppLovin during the 3rd quarter valued at about $36,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Down 4.1%

Shares of APP opened at $445.93 on Friday. The firm has a market capitalization of $149.81 billion, a price-to-earnings ratio of 38.31, a PEG ratio of 0.76 and a beta of 2.45. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a 1-year low of $325.58 and a 1-year high of $745.61. The company has a 50-day moving average of $496.75 and a 200 day moving average of $511.12.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company’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 firm earned $1.67 EPS. On average, research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent analyst reports. Argus began coverage on shares of AppLovin in a research report on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, May 28th. Arete Research set a $340.00 target price on AppLovin and gave the company a “neutral” rating in a research note on Monday, March 2nd. Oppenheimer reduced their price target on AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Finally, KeyCorp set a $775.00 price objective on AppLovin in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $669.62.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares of the company’s stock, valued at $138,055,090.29. This represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 22,544 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the transaction, the chief executive officer owned 2,327,684 shares in the company, valued at $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 389,924 shares of company stock valued at $195,693,875 in the last ninety days. Corporate insiders own 13.66% of the company’s stock.

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.