California Public Employees Retirement System Boosts Stake in AppLovin Co. (NASDAQ:APP)

California Public Employees Retirement System raised its position in AppLovin Co. (NASDAQ:APP) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 406,300 shares of the company’s stock after purchasing an additional 17,604 shares during the quarter. California Public Employees Retirement System owned 0.12% of AppLovin worth $16,191,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. BluePath Capital Management LLC purchased a new position in shares of AppLovin in the third quarter valued at approximately $33,000. Castleview Partners LLC acquired a new stake in AppLovin during the 3rd quarter worth approximately $38,000. Cullen Frost Bankers Inc. acquired a new stake in AppLovin during the 3rd quarter worth approximately $44,000. Robeco Institutional Asset Management B.V. purchased a new position in AppLovin in the 3rd quarter valued at approximately $45,000. Finally, Lindbrook Capital LLC grew its stake in shares of AppLovin by 26.6% in the fourth quarter. Lindbrook Capital LLC now owns 1,337 shares of the company’s stock worth $53,000 after acquiring an additional 281 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on APP shares. Wedbush increased their price objective on AppLovin from $67.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Oppenheimer lifted their price objective on AppLovin from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, April 8th. UBS Group upped their target price on shares of AppLovin from $46.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, February 15th. Morgan Stanley lifted their price target on shares of AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. Finally, TheStreet raised shares of AppLovin from a “d+” rating to a “c-” rating in a research report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $59.31.

AppLovin Stock Down 1.1 %

Shares of NASDAQ APP opened at $72.99 on Tuesday. The business has a 50-day moving average price of $67.39 and a 200 day moving average price of $50.34. The stock has a market cap of $24.96 billion, a PE ratio of 72.99, a price-to-earnings-growth ratio of 1.48 and a beta of 1.90. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. AppLovin Co. has a 52-week low of $15.70 and a 52-week high of $79.55.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.14. The business had revenue of $953.26 million during the quarter, compared to the consensus estimate of $928.66 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The company’s revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.21) earnings per share. Equities research analysts forecast that AppLovin Co. will post 2.49 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, Director Craig Scott Billings sold 5,550 shares of AppLovin stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total value of $323,731.50. Following the transaction, the director now directly owns 12,739 shares in the company, valued at $743,065.87. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the completion of the sale, the insider now directly owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Craig Scott Billings sold 5,550 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the transaction, the director now directly owns 12,739 shares in the company, valued at $743,065.87. The disclosure for this sale can be found here. Insiders sold a total of 61,215 shares of company stock worth $4,416,815 in the last 90 days. Company insiders own 12.43% of the company’s stock.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.